Putting the Biden Administration’s “New Economic Statecraft” in Context

On Aug. 9, President Joe Biden declared (via executive order) a national emergency associated with the development of artificial intelligence, semiconductor, and quantum computing technology critical for “military, intelligence, surveillance, or cyber-enabled capabilities” in “countries of concern” (read: China). The order itself mandates that U.S. firms disclose investments in China related to these markets (notifiable transactions) while seeking to restrict others entirely (prohibited transactions).

This represents just the latest salvo in what we have previously described as “new economic statecraft” in which governments use economic levers far beyond the use of sanctions to shape international relations in their favor.

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