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A decade after China launched its transformative Made in China 2025 plan, the US appears to be mounting a strategic response, one that may come to be known, informally at least, as Made in the USA 2035. While not yet an official slogan, the early months of the new Trump administration have revealed a coordinated push across AI, semiconductors, nuclear energy, space, robotics, and critical minerals.

Stephen Jen and Joana Freire describe this as more than just industrial policy: it’s an assertion of technological sovereignty and a bid to compete head-on with China’s extraordinary success. With bipartisan support and policy continuity from the CHIPS Act, the new effort blends deregulation, public-private partnerships, education funding, and trade protectionism.

The note argues this new industrial strategy is not zero-sum. Rather, it could usher in a positive-sum dynamic, spurring investment, accelerating R&D, and enhancing productivity across sectors. As the tech economy emerges as a “fourth sector” distinct from industry and services, the authors urge investors and policymakers alike to move beyond Ricardian trade logic and embrace a world of convex, innovation-driven returns.


Key Quote

“We indeed expect to see a benign global outcome from a tech race between the US and China; this scenario is no less likely than a mutually destructive one through attrition and conflict.”


Table of Contents

  • Summary
  • China’s amazing feat with ‘Made in China 2025’
  • Made in the USA 2035: it is the US’ turn
  • The ‘fourth sector’ of economies
  • Industrial policies and trade policies
  • Positive externalities
  • Global tech competition will fuel R&D
  • Robotics
  • Bottom line

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