The U.S. has been the world’s technological leader since the end of the 19th century. This has made the country prosperous and secure. When the U.S. leads the way in a new technology—as it did with the internet—Americans benefit economically. But U.S. technological leadership is under assault, and the stakes couldn’t be higher. In 2015, the Chinese Communist Party launched Made in China 2025—an aggressive and highly orchestrated industrial campaign to supplant the U.S. as the world’s pre-eminent economic power. The goal is to dominate the development and production of next-generation technologies, including electric and autonomous vehicles, information-technology and telecom...