The limited appreciation of the nature of this rivalry with China was recently underscored by the failure of the U.S. Congress to appropriate the funds previously authorized for the largest part of the CHIPS and Science Act of 2022, while simultaneously cutting the budgets of key federal science and technology agencies for fiscal year 2024. This is all the more disappointing given that the same week, China announced a 10 percent increase in its already significant levels of public spending on research and development (R&D). The U.S.-China technology rivalry has strategic implications that can ultimately determine the outcome of a potential military confrontation, should one come about. Moreover, as U.S. technology leadership declines, the risks of economic and military challenges will rise.
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