For over a decade, the US has been waging its chip cold war with a familiar arsenal. Blacklists, export controls and extraterritorial rules — all staples of Washington’s well-worn playbook — were meant to deny China access to critical technologies and stall the ascent of its tech capabilities. The stall never came.

In response, restrictions have grown increasingly severe. The US government is now weighing additional restrictions on China, including revoking waivers that allow global chipmakers to access US technology in their China-based operations, according to a report in the Wall Street Journal.

China, meanwhile, has continued to advance. Local tech giant Huawei weathered US blacklisting in 2019. SMIC, China’s largest chipmaker, continued production despite sanctions and in 2022, surprised the industry by making chips using advanced 7 nanometre technology. The leap from 14 nanometres took just two years, according to consultancy TechInsights, faster than Taiwan Semiconductor Manufacturing Company and Samsung.