Overview

• The Wall Street Journal reported the administration is considering requiring chipmakers to match U.S. production to customer imports on a 1:1 basis, with tariffs for firms that fall short.
• The concept follows Trump's earlier warning that semiconductor tariffs could reach roughly 100%, with exemptions for companies expanding manufacturing in the United States.
• Commerce Secretary Howard Lutnick has discussed the ratio approach with semiconductor executives, framing it as necessary for economic and national security.
• Under the reported framework, companies pledging new U.S. fabs would receive credits and temporary relief that allow continued imports until facilities are completed and ramped.
• Stocks of U.S. manufacturers such as Intel, Micron and GlobalFoundries rose on the report, while analysts cautioned that device makers like Apple and Dell could face higher costs and that building domestic capacity will take years.