President Trump has threatened 100% tariffs on chip imports, while offering an exemption: companies that invest in U.S. manufacturing won’t have to pay. It's an attempt to incentivize domestic semiconductor production,

U.S. export restrictions on tech to China still exist. But on those items, Chinese companies can simply turn to friendlies in Singapore. Or, like the pirates of old, China can create a black market for chips. Some Nvidia chips faced export restrictions even in the Biden years.