The heart of the US-China stand-off over technology is in semiconductors, the foundation of the whole industry and an area where China is determined to become a global powerhouse. But it will take many years to achieve that. US and Taiwanese chip manufacturers are well ahead in terms of process technology and many design aspects. US chip giants like Intel and Qualcomm are deeply embedded in China, investing in local companies and sharing expertise, which will help the country build its own industry, but – hopefully for the US firms – will give them a permanent role in the value chain. Myson Robles-Bruce, a semiconductor analyst at IHS Markit, put it well when he said recently that the trade battles…