China has made the free market a fools market. We must never forget that the only way for globalization to bring the peace and prosperity envisioned by Tom Friedman in The World is Flat is to have a level playing field for all.

The Chinese telecom giant Huawei and other Chinese telecom firms, like ZTE, had been poised to lead the globe in 5G technology—until the U.S. State Department embarked on a global campaign to challenge the market dominance of Chinese firms with the Clean Network program. The initiative, launched in 2020 and led by Under Secretary of State and former Silicon Valley business leader, Keith Krach, united countries and companies around a commitment to abide by a set of shared principles in technology adoption, data privacy, and security practices.

China’s Huawei Technologies Co. reported a 38% fall in quarterly revenue Friday, as the damage U.S. sanctions have done to its sales of smartphones and telecommunications equipment worsened.

Chip-manufacturing subsidies are the most prominent of a range of interventions Western governments are rushing out to promote industries they deem strategic, from electric-car batteries to pharmaceuticals. Such interventions have increased sharply in both the U.S. and Europe in the past decade, according to Global Trade Alert, a trade-monitoring group.

The bill, adopted on a bipartisan vote, invests heavily in U.S. science and technology while threatening a host of punishments against Beijing.

Congress needs to pass the bipartisan Endless Frontier Act to strengthen key U.S. tech industries. It’s a matter of national security.