Scott Foster
US Commerce Secretary Gina Raimondo, the Biden administration’s leading light behind efforts to limit China’s access to advanced chips and related technologies, now says that export controls are merely “speed bumps” and that “trying to hold China back is a fool’s errand.”
In Raimondo’s view, the CHIPS and Science Act – a US$52.7 billion industrial policy aimed at reviving US semiconductor production and high-tech R&D and signed into law by President Joe Biden in 2022 – is more important than sanctions against China.
“The only way to beat China is to stay ahead of them,” Raimondo told The Wall Street Journal in an article published on December 22. “We have to run faster, out innovate them. That’s the way to win,” she said.
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