National Security is Economic Security
Last week, the White House released the much anticipated Executive Order on outbound investment. As Politico notably reported in a preview story, President Biden’s action will require “U.S. firms to notify the federal government if they invest in some lower-end semiconductor production not already covered by export controls.” This is a step in the right direction and comes as the Administration is starting to wake up to the threat of a China-dominated legacy chip market. But more needs to be done.
Financial Times columnist Rana Foroohar reacted to the Executive Order in a piece aptly titled, “The US now accepts national and economic security can’t be separated.” She says:
[W]estern technology should not feed Chinese military modernization and expansion. From… Read More