While the Trump administration was trying to make a TikTok deal happen during a meeting with China last weekend, Beijing was busy adding its own bargaining chips to the table. The most significant is an anti-dumping investigation into American legacy chips that power everything from cars and refrigerators to washing machines and data centers. By alleging that American firms have been flooding the Chinese market with cheap legacy chips, Chinese regulators are opening the door to tariffs that would make American products less competitive. China’s market regulator publicly announced preliminary findings that suggest the company violated commitments it made during its 2020 acquisition of the Israeli company Mellanox. For example, China has the largest automotive market in the world, which requires billions of imported auto chips every year.