This week, Mike and Jude are joined by Emily Kilcrease, director of the Energy, Economics, and Security program at CNAS, who formerly served as deputy assistant U.S. trade representative and National Security Council director for international trade, investment, and development. They begin by examining the limits of U.S. leverage over semiconductor supply chains and how existing advantages are maintained by the continual innovation and investment of U.S. industry. They then discuss the U.S. government’s capacity to use semiconductor manufacturing chokepoints to slow China’s technological development and the recent expansion of U.S. export controls relating to sensitive high-end technologies. Next, they considered the broader effects of U.S. technology export policies and the need for the United States to adopt a multilateral approach that protects the high-tech industries of allies. They conclude the conversation by considering what form China’s response—and potential retaliation—to the new export controls might take.