Will this attempt work out commercially? Maybe, maybe not. But more interesting here is the strategic situation beyond the currently understood tech.
The US has made it clear that it sees semiconductors as a vector to attack power centres in Asia. Today it is China. Democracies are notoriously fickle, tomorrow it could be India, Japan, Korea or anyone really. There is a strategic need here to break the remaining European monopolies on equipment supply. For China the need is urgent but for all the Asian powers the need is real.
Given the manufacturing powerhouse that the collective Asia represents, I expect they'll figure all these details out and become technologically independent at least on paper. They've had more than a century of experience in dealing with the west, the risks of the status quo are too obvious once the US is overtly exploiting it.