The semiconductor industry has proven resilient during the COVID-19 pandemic. Exports of semiconductors from China, Japan, South Korea and Taiwan combined increased by 5.3% year over year in April, led by a 26.5% jump in exports from Taiwan and a 7.0% increase in shipments from China. Yet, the industry faces significant disruptions from the re-emerging U.S.-China trade war. U.S. moves to limit Chinese exports of U.S.-sourced intellectual property has led China to vow to take “all necessary measures” to protect Chinese businesses. Actions taken by the U.S. so far have done little to preve...