The United States is squandering its best opportunity to compete in the global battery race. China jumped to a commanding lead in the last decade, controlling the supply chain for lithium-ion batteries, which power everything from cell phones, to military drones, to electric vehicles (EVs). By passing ambitious legislation under U.S. President Joe Biden, Washington has begun investing heavily in its domestic battery industry. But even significant funding won’t get the job done if it isn’t direct...