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SEMICONDUCTORS

Editorial illustration blending global market data and trade networks into a chessboard with opposing pieces on a muted cream background

When power prevails over economics

Economic interdependence was supposed to restrain geopolitical rivalry. Instead, power is reshaping globalization, turning trade, technology, infrastructure, and supply chains into instruments of strategic competition

Aerial view of MP Materials’ leach circuit facility, highlighting U.S. industrial policy investments in rare earth refining for national security

Statecraft’s new frontier: Trump’s industrial policy unveiled

The Trump administration has embarked on a distinctive industrial policy, directly intervening in strategic sectors. This approach aims to bolster national self-sufficiency, reducing reliance on foreign supply chains, and reshaping global economic dynamics. Its implications are profound