Semiconductors represent perhaps the world’s most important industry, the core technology that powers the modern digital world and enables innovation and productivity growth across every other sector. As such, it’s appropriate that the United States and many other nations have proposed or introduced policies to boost their competitiveness in this key industry. But nations that are like-minded in their commitment to open trade and fair economic competition also should collaborate in ways that advance the competitiveness of their semiconductor industries collectively, especially against a backdrop of rising Chinese competition that is fueled largely by innovation mercantilist measures.
ITIF hosted an event featuring opening remarks by Sen. John Cornyn (R-TX) plus an expert panel discussion about a new report that will articulate how democratic, free-market economies can work together to enhance the innovation potential of their respective semiconductor industries while preserving the industry-led, market-based competition that has characterized the sector for a half-century. The panel also will discuss how the United States can further strengthen its own semiconductor industry competitiveness.