What Would a China Chip Blockade Cost?

Mutual dependence is a rare source of stability in U.S.-China relations.

WASHINGTON, DC - JULY 23: CEO of NVIDIA Jensen Huang (C) speaks with (L-R) U.S. Secretary of Commerce Howard Lutnick, U.S. Interior Secretary Doug Burgum and EPA Administrator Lee Zeldin during the "Winning the AI Race" summit on July 23 in Washington, DC. September 19, 2025, 7:29 AM Comment icon View Comments ( )

In a strange alignment, U.S. national security hawks have sought to stop Nvidia from selling downgraded versions of its artificial intelligence chips to China, and Chinese hawks are escalating attempts to stop Chinese AI firms from buying them. After initially banning their sale in April, U.S. Commerce Secretary Howard Lutnick explained why the Trump ad

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