U.S. Geotech Policy: Taking Stock and Looking Beyond 2024

Under President Joe Biden, the United States has escalated its efforts in the geotechnological competition with China, enhancing measures initiated under the Trump administration. Through bipartisan support, Biden and Congress have implemented both offensive and defensive strategies to fortify U.S. competitiveness and reduce reliance on foreign technologies. Key legislative actions, such as the CHIPS and Science Act and the Inflation Reduction Act, focus on bolstering domestic high-tech manufacturing and R&D. Additional measures include stricter semiconductor export controls, potential outbound investment screening, and tariffs on Chinese electric vehicles. These actions represent a foundational step in a longer-term strategy for U.S. economic security in response to China's rising influence.

As the U.S. approaches the 2024 elections, the future of these policies will depend on both continued implementation and the next administration’s stance. Although Washington, DC policymakers broadly support a firm approach toward China, there are divisions within and across political lines regarding specific strategies. The presidential campaign has seen limited focus on this issue, though both Vice President Kamala Harris and former President Donald Trump emphasize their commitment to "toughness" on China, often in terms of safeguarding American jobs. This report reviews recent economic security developments and considers potential paths forward, with an eye on the post-election landscape.