Trump Signs New Tax Directive on Chip Sales

Summary

President Trump has signed an executive directive enabling the U.S. to impose a 25% tax on chip sales Zhitong. Some reports specify this applies to imported advanced chips or, more pointedly, to chips “transshipped through the United States to other foreign countries,” potentially as part of the fallout from the Nvidia H200 deal .

Impact Analysis

This is more surgical than just another blanket tariff. The key phrase appears to be targeting chips “transshipped through the United States” . So basically, they’re weaponizing the US’s role as a logistical hub for the global semiconductor industry. This isn’t about protecting the domestic market as much as it is about controlling—and taxing—the global flow of advanced technology, likely aimed squarely at the loopholes used to get chips like Nvidia’s H200 to China HK MingPao.

The market’s first reaction will be to sell all semis, but the real pain will be concentrated in companies with complex, US-centric logistics. This escalates costs and operational complexity for fabless designers. While this is a near-term negative for sentiment, the bigger signal is the acceleration of supply chain bifurcation. This move pressures everyone to design US logistics out of their international sales channels, which could erode US leverage long-term.