Abstract: With the rapid development of China's competitiveness in science and technology (S&T) innovation in recent years, the United States has embarked on a campaign of suppression and blockade against China in high-tech fields, such as chips, 5G, and supercomputing. Existing studies lack systematic analyses about the background and mechanism of U.S. S&T strategy against China. Based on the major events in the field of S&T in the U.S.-China relations, the typical actions and public policies of the U.S. S&T strategy against China, the article analyses the underlying logic and internal mechanism of the U.S. S&T strategy against China in the context of the chip industry. The study finds that the underlying logic of the U.S. S&T strategy against China is dominated by the “small yard and high fence”, embedded in the “combination punch mechanism” combining “run fast” and “keep away”. The study provides theoretical and practical implications on international S&T relations and innovation policy.