With the U.S. looking to tighten its sanctions against China's chipmaking capabilities, U.S. Secretary of Commerce Gina Raimondo says that the United States should put its money to better use. "Trying to hold China back is a fool's errand," Secretary Raimondo said. She also said that the the Biden administration's CHIPS and Science Act is more important than export controls. By imposing bans and sanctions, the U.S. is trying to keep advanced chips (read 5G chips) out of the hands of China's military.