America has declared a technology war on China. In August Joe Biden signed the Chips and Science Act which includes $52bn in incentives and subsidies to ramp up semiconductor manufacturing in America. The president’s landmark Inflation Reduction Act was passed the same month, with subsidies for made-in-America electric vehicles and the like, meant in part to bring supply chains back from China. In October Mr Biden announced unprecedented curbs on tech exports, intended to cut Chinese companies off from advanced semiconductors made anywhere in the world with American equipment or know-how. The aim is to control China’s rise, by thwarting technological development that could boost its capabilities, especially in the military and cyber spheres.