Chip manufacturing, controlling technology and flow of information is important, equally and of greater importance is the Fiat chokehold over global economy. Which, by the way, China and East Asian economies help perpetuate. Removing China from that global pedestal where it effectively maintains U.S. hegemony and a resource for U.S. inflation has no substitute(for now at least).
The issue primarily arises due to domestic U.S. politics that wants to have its cake and eat it too. Where a profound constituency wants to retain U.S. jobs and presence in manufacturing, especially high-tech or hard-to-get tech and equipment but available at a price acceptable to consumer led economy. China/East Asia provided that... which saved U.S. economy from stagnation. During and past Vietnam War things were not looking bright...
yet here we are...