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“Strategic competition over the world’s next generation of foundational technologies is underway, and U.S. advantages in artificial intelligence, quantum, and biotechnology are increasingly contested,” according to a new Task Force report produced by the Council on Foreign Relations (CFR).
The consensus report, U.S. Economic Security: Winning the Race for Tomorrow’s Technologies, contends that “winning in these three areas of technology would contribute substantially to U.S. economic and national security, allowing the United States to take first and full advantage of the commercial, military, and other related benefits, such as shaping global rules and standards. Falling behind—especially to China—would allow others to gain those advantages and shape the international system to reflect their own interests.”
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The Task Force is cochaired by CFR Distinguished Fellow and former Secretary of Commerce under President Joe Biden Gina M. Raimondo, CEO of Muzinich & Co. and former Deputy Secretary of the Treasury under President Donald Trump Justin G. Muzinich, and Chairman, President, and CEO of Lockheed Martin James D. Taiclet.
The bipartisan Task Force includes more than thirty distinguished members and observers representing a wide range of expertise. Senior Fellow for Geoeconomics Jonathan E. Hillman serves as the Task Force project director.
“The United States is engaged in an unprecedented competition with China across military, political, economic, and technological domains. Now, more than ever, it is imperative that we address the most immediate challenges facing U.S. economic security,” said CFR President Michael Froman. “I commend the Task Force for providing policymakers with a pragmatic way to inform the United States’ approach to economic security, grounded in deep knowledge and real-world experience.”
“Economic security tools can help the United States win this competition and address several pressing risks, especially overconcentration of critical supply chains in countries of concern and underinvestment in strategically important areas,” asserted Secretary Raimondo.
“It is important the United States plans now for emerging economic security risks, so we do not unintentionally create dependencies and costs that will burden future generations,” noted Mr. Muzinich.
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“Our Task Force proposes a practical plan to ensure America’s continued leadership in tomorrow’s essential technologies and maintain the advantage in national defense, energy, health care, manufacturing, and other key sectors,” said Mr. Taiclet.
Specifically, the report calls on the United States to
- “onshor[e] the manufacturing of critical inputs and components for semiconductors;”
- “accelerate development of the world’s first utility-scale quantum computer through Department of Defense procurement;”
- “establish a national network of advanced biomanufacturing hubs” and “fund U.S. companies to build six-month stockpiles of [key starting materials] and [active pharmaceutical ingredients] from trusted markets;”
- “secure critical minerals by expanding the National Defense Stockpile (NDS), accelerating permitting, and working with partners and allies to map sources and to pioneer recovery and substitution technologies;”
- “build on the Trump administration’s America’s Talent Strategy, including by supporting the machinists, electricians, and other trades workers who are essential for leading in key technologies;” and
- “establish an Economic Security Center at the Department of Commerce that strengthens government coordination, technical expertise, and partnership with the private sector.”
“The next decade will prove decisive, and speed is critical because fundamental breakthroughs could effectively end one era and begin the next,” concludes the report.
To read the report, visit cfr.org/task-force-report/us-economic-security.
The Task Force is part of CFR’s RealEcon: Reimagining American Economic Leadership Initiative.
For more information, please contact the Global Communications team at [email protected].