The US-China trade war has forced the semiconductor industry to take on a new role in the conflict, with the industry being used as a tool to safeguard critical infrastructure in the telecommunications sector. This shift in the political economy of the semiconductor industry has been driven by a change in the business model and a geographic reorientation towards Asia. The US has used export restrictions and weaponization of exports to target the semiconductor supply chain in order to constrain Huawei, a Fortune Global 500 company. These policies may have unintended consequences and could be pushed further in an attempt to constrain other Chinese firms. The paper will be published in the East Asian Economic Review.