History is full of examples of governments trying and failing to restrict technology. The Venetian Republic attempted to guard glassmaking secrets. European states tried to restrict textile machinery exports during the Industrial Revolution. The Soviet Union acquired Western technology despite extensive Cold War controls. Barriers sometimes slowed diffusion, but they cannot stop it. The advancement of knowledge depends on openness, criticism, and exchange. Scientific progress is cumulative. Every generation builds on discoveries made by others, often across political and cultural boundaries. Patents and copyright were designed to encourage innovation by TEMPORARILY rewarding the innovator, not by becoming a moat. They certainly weren't designed to protect massive global corporations from competition.
China has hundreds of thousands of engineers, world-class universities, substantial domestic semiconductor investment, and access to global scientific literature. America can lock down its own tech and lose in the long run or each side can learn from the other. Either way the American tech hegemony only lives in the imaginations of overindulged national chauvinists.
tldr: Information wants to be free. Screw your IP laws.