Intel has some 15 or so fabs already in the US (most upgraded multiple times), and is constructing two giant new ones in Arizona.

The continental US has a good amount of domestic production capacity. The "problem" is that TSMC and Samsung got a node advantage on Intel, drawing a lot of the performance part manufacturing (including Intel contract work). Will this Ohio plant be competitive on the edge? I haven't seen information indicating that, and the two Arizona fabs Intel is building (operating in 2024) are targeting 7nm.

Samsung (3nm) and TSMC (5nm) are both building fabs in the US as well. A pretty healthy subsidy by the government and various levels of government lubricated the choice. It's good for the sanity and economic stability of the world if everything wasn't concentrated in Taiwan.