Barry Eichengreen: US export curbs on high-tech enablers have rarely worked
A classic ‘dual use’ technology, these chips power Generative AI and supercomputers used in weapon systems, cyberattacks and surveillance. Equally, they can enhance the ability of companies to compete internationally—in this case, the ability of China’s high-tech firms to compete with their American rivals. In its final months, the Biden administration doubled down on these…