US Chip War With China May Already Be Lost: New Economy Saturday

Employees on a production line at a Smart Pioneer Electronics Co. factory in Suzhou, China.

Chris Anstey

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When historians look back on this year, events like the collapse of Liz Truss's government and the congressional investigation into the Jan. 6, 2021 attack on the US Capitol may arguably pale in comparison to what the Biden administration announced on Oct. 7.

At least that's what Lawrence Summers said. Speaking about the powerful wave of US restrictions on China's semiconductor industry and its technological ambitions more broadly, the former Treasury Secretary and paid Bloomberg TV contributor noted: