In the last days of the Biden administration, Washington tightened controls on advanced semi-conductor chip exports to China, announced a new probe into China’s anti-competitive policies undermining US competitiveness in the production of legacy semiconductors, and the Pentagon linked two major publicly traded Chinese companies – Tencent and CATL – to the Chinese People’s Liberation Army. China responded with its own export controls on rare earth minerals needed for the production of semiconductors as well as launching an anti-monopoly investigation of Nvidia.