The global semiconductor industry is entering a new phase as the two dominant foundries jostle for position in the USA by building new manufacturing plants aimed at establishing supply chain diversity as well as access to the North American market. The story is rooted also in the ongoing trade and technology wars between the USA and China, which show little sign of easing fundamentally under Joe Biden’s presidency, even if the tone is mellowing. In one sense the story underlines a common objective shared by the USA and China, to reduce dependence on TSMC, the world’s largest chip foundry, and to a lesser extent Samsung, which has been gearing up to become a more equal counterweight. But the two countries’…