The U.S.-China trade war is drawing in industrial policies as well as tariff increases. The Chinese government is providing tax breaks to develop its semiconductor industry which, over the long-term, may reduce the reliance of Huawei and others to U.S. manufacturing. Support for Chinese exports – including those by overseas manufacturers including Intel and SK Hynix – has already led to a 23.7% growth to reach $89.3 billion in the 12 months to Apr. 30. China’s exporters have also taken market share from other countries including South Korea – which have fallen 8.4% to $119.1 billion – as...