AFTER the Biden Administration announced its industrial strategy to revitalise domestic manufacturing, create jobs, strengthen American supply chains and accelerate future industries, the Chips and Science Act of 2022 will give as much as US$280bil (RM1.27 trillion) over the next decade to support the United States semiconductor chip industry.
Goodbye free markets, hello industrial policy. The outcome of the United States-China rivalry hinges on the technology edge and how to use such technology.
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