US and China both face tough struggles as war for chip supremacy intensifies following American export restrictions

The chips bill – which took two years to become law – and Friday’s added rules also push the US further into the realm of industrial policy, which it has long condemned in China, Japan, South Korea and other countries. “When Congress does something big and popular, it tends to go back to the well,” said Rory Murphy, vice-president of government affairs at the US-China Business Council. “In terms of industrial policy, this could be step one.”