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For decades, the U.S. let glob­al­iza­tion run its course and hoped Chi­na would be an ally. Now the Biden admin­is­tra­tion is spend­ing bil­lions to bring high-tech man­u­fac­tur­ing back home. Is this the begin­ning of a new indus­tri­al pol­i­cy — or just anoth­er round of cor­po­rate welfare?