It's an ongoing story, but it is not going away. The United States, with its current administration, limiting China's access to key semiconductor technology in the context of China, how long and sustained will that policy be? Things said, you know, this is turned from being at first a Trump administration policy toward China to a Biden administration policy toward China. It's becoming clear now that this is the American policy toward China. There's a lot of bipartisan consensus from the U.S. Congress as well. And not to mention many of our partners and allies across the world. So there has been tremendous volatility and uncertainty with regard to the political election, even just over the past ten days. But if you're a CEO of a tech company, the one thing that you can be certain of, the one thing that will be stable is going to be American policy toward China. When it comes to our own tech security and our economic competitiveness.

Is it the right policy, Michel?
Well, let's start with the ultimate end goal.
And the ultimate end goal is that the United States and our partners and
allies across the world have to have competitiveness and superiority when it
comes to technology, because whoever leads in technology is going to dictate
the values and the standards and the regulations that oversee our militaries,
our economies, the financial system, our culture and the information space.
And so the imperatives for the United States and our partners and allies to
lead in technology, that means we have to innovate faster, smarter, and better.
And we have to make sure that our companies are not contributing to
China's ability to beat us in technologies like artificial
intelligence. Michel in video, for example, is off
session highs, but up significantly this morning. There were reports that it's
preparing a specific product that would be within the bounds of current
restrictions. That seems such an interesting policy.
How severe do you expect the reaction?

from the administration on the policy
side to be corporate select to do that. Just adjust their product so that
they're within codified rules. Look, this is sort of the new
reality that we're in here in 2024 and then through 2044, which is that
companies and governments have to be working closely together to ensure that
companies are able to be competitive and ensure their business success at the
same time that they're contributing to and not working against U.S.
and allied national security. That's what tech diplomacy is, is what
the Kroc Institute is focused on. And it really is a new requirement for
this contested technological and geopolitical space.
So we're seeing that push and pull between companies and governments.
But the long-term trajectory of this is that companies need to be acting in the
national security of the United States. There's a way to be competitive, there's
a way to make money, and there's also a

way to ensure that we're advancing
national security. So this is a and scenario, not a one or
the other. Michel, you mentioned allies, and much
of recent reporting has been focused on how the administration is going to lean
on the Dutch, the Japanese. How will that differ between a Trump
versus a potential Paris? Look, in the previous administration,
one of the things that the founders of the Kroc Institute had focused on was
building a historic clean network to secure 5G that included 60 countries and
200 telecommunications companies that worked together across all of our
countries in order to secure 5G and make sure that we were only using trusted
vendors that ultimately stopped Huawei in its tracks from becoming the dominant
global 5G provider. That has continued in this
administration. And whatever the next administration and
into the next 20 years, really the imperative is for the U.S.
and all of our allies to be working

together.
And we had talked about chips at the beginning here.
You see a lot of the same trajectory from our partners and allies when
it comes to CHIP. The EU is focused on government
subsidies to advance their chip self-sufficiency.
The same thing with Japan, Korea. Many of our partners and allies are on
the same path.

The Impact of US-China Relations on Tech

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