Subsidies, export controls and curbs on foreign investment are proliferating
Save time by listening to our audio articles as you multitaskWilliam Reinsch, who used to oversee America’s export controls as an undersecretary of commerce, is just as blunt. America has always wanted to maintain a technological edge over other economic powers, he says. These days, however, it is pursuing that goal in a new way: “We have moved from a ‘run faster’ to a ‘run faster and trip the other guy’ policy.
The sudden enthusiasm for industrial policy in America and elsewhere epitomises the trend. In 2022 Congress passed two lavish bills aiming to bolster domestic industry, in the name of national security, job creation and decarbonisation. TheAct, which provides $52bn of incentives for the semiconductor industry, attempts to reverse a multi-decade decline in America’s share of chip manufacturing.
The Committee on Foreign Investment in the United States , a body charged with identifying and blocking deals that might threaten national security, is the model for many of these new regimes. In 2018 new legislation broadened’s jurisdiction over transactions involving “critical” technology and infrastructure and sensitive personal data. An order issued by Mr Biden in September directs the committee to focus its attention on the security of supply chains and technological leadership.
Mr Sullivan would like to go further. “We are making progress,” he said in his speech, “in formulating an approach to address outbound investments in sensitive technologies.” There is a broad consensus in Washington that American capital must not be allowed to “enhance the technological capabilities of our competitors”, as he put it .
Another American regulation, the foreign direct product rule, tries to restrict sales of items based on American technology, even if they are designed and manufactured abroad, by imposing penalties on the firms involved. This far-reaching instrument was successful in undermining the manufacture of smartphones by Huawei, a Chinese telecoms firm.
The restrictions announced in October apply the foreign direct product rule on an unprecedented scale. No distinction is made between private Chinese firms and state-owned enterprises.
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