What the US semiconductor tariff does and does not currently touch

The 25% U.S. tariff on advanced semiconductors applies only to three subheadings for logic integrated circuits within specific performance and memory-bandwidth ranges, with seven end-use exemptions, including a costly data-centre carve-out that is under review. Removing that exemption would impose an effective 15.6% tax on U.S. data-centre construction, potentially canceling about 20% of planned AI-capacity ($450 bn) and risking 243 000 jobs, according to a CCIA analysis.