A security guard at China International Industry Fair in Shanghai, China, September 2018
Aly Song / Reuters

The United States is in the midst of a high-stakes competition with China for dominance in the next wave of technological innovation. Despite a flurry of activity at the federal level over the past three years, Washington has for the most part been playing catch-up.

This summer, with the CHIPS and Science Act, the U.S. government committed to provide the semiconductor chip industry with more than $50 billion in federal investment over the next five years. But that was only after a supply-chain crisis had roiled the U.S. economy for two years as a result of the COVID-19 pandemic,

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