Dhaka, Feb. 5 -- "Globalization is almost dead. Free trade is almost dead," said Morris Chang, founder of Taiwan Semiconductor Manufacturing Co (TSMC), where 90 per cent of the world's most advanced chips are produced.

In October, the Biden administration rolled out extensive restrictions on China's access to advanced semiconductors that Taiwan makes and, on the equipment, used to make them, which the Netherlands makes. The US also barred the sale of any semiconductor-related tool made anywhere in the world that used any US-made component to China. US citizens and residents were disallowed to work with Chinese semiconductor companies.

This is a complete reversal of post-Cold War 'globalisation' that aimed to make the world an integrated...