Flows of information and energy underpin all economic activity, and advanced technologies support both. Hence the sky-high stakes in the tech wars between America and China. Started during Donald Trump’s first term in office, between 2017 and 2021, they have continued under Mr Joe Biden. China’s leader, Mr Xi Jinping, bridles at America’s export controls on “chokehold technologies”.
The struggle is reshaping relationships and supply chains the world over. And its costs are mounting. Estimates vary, but the International Monetary Fund reckons that the elimination of high-tech trade across rival blocs could cost as much as 1.2 per cent of global gross domestic product each year – about US$1 trillion (S$1.36 trillion).
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