China’s rise from supplier to competitor is the reason Washington has spent eight years raising tariffs and, more recently, restricting the technology China can buy. The uncomfortable record is that each restriction has told China what to build next, and China has either built it or made it a strategic priority. This article looks at how China got here and where it still falls short. It also examines what the United States is doing about it and what all of this means for a globally diversified portfolio.
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