But a global semiconductor shortage and geopolitical tensions with China have bolstered Washington's scrutiny of the supply chain, which is concentrated in the hands of a small number of players, and has created a drive to bring manufacturing back to American soil to regain leadership. The U.S. has earmarked billions of dollars and is reportedly looking at alliances with other nations. Semiconductors are critical to everything from cars to the smartphones we use. And they have also been thrust into the center of U.S.-China tensions. "One characteristic of US policy is that it has heavy emphasis on China. This has now become a national imperative to enhance self-sufficiency in semis production, accelerated by the recent chip shortages and the 'tech war' against China," Bank of America said in a note published Wednesday.