The rivalry between the U.S. and China has hit fever pitch. Despite their deep economic integration and record trade in goods of $690 billion in 2022, the two powers are at loggerheads over everything from military supremacy in the Indo-Pacific to Russia's imperialist invasion of Ukraine, to trade and investment in the Global South. The U.S., of course, remains the world's dominant imperialist power, but now China poses a threat to its hegemony. At the center of this conflict are microchips, which are as important to global capitalism today as oil. Washington put its high-tech weaponry on full display in the 1991 Gulf War. Triumphant, Washington adopted a new imperial strategy of superintending the world economy by incorporating states into a neoliberal world order of free trade globalization. The U.S. used the International Monetary Fund, World Bank, World Trade Organization and UN to enforce this order. The U.S. retained its lead in the design of chips, but increasingly fabrication was done by [Taiwan Semiconductor Manufacturing Company] in Taiwan. The Trump administration ... targeted Beijing's tech industry. Using national security as justification, the Commerce Department prohibited U.S. companies from selling chips, hardware and software to the company. The Biden administration doubled down on Trump's strategy of great power rivalry. [Author Chris] Miller argues, "Taiwan isn't simply the source of the advanced chips that both countries' militaries are betting on. It's also the most likely battleground.