ExecutiveOrdersEO
Proc 11002ProclamationTrump 47 · R

Proclamation 11002

Adjusting Imports of Semiconductors, Semiconductor Manufacturing Equipment, and Their Derivative Products Into the United States

This proclamation imposes an immediate 25 percent tariff on certain advanced computing chips and derivative products under Section 232 national security authority, effective January 15, 2026, with broad exemptions for domestic supply chain uses. It also directs the Secretary of Commerce and USTR to negotiate trade agreements within a 90-day window, with potential for broader future tariffs and a tariff offset program to incentivize domestic semiconductor manufacturing.

Federal Register Open PDF 91 FR 2443

Impact dates

  1. 50d ago

    Secretary provides update on data center semiconductor market

  2. Secretary and USTR update on negotiation progress

  3. 25% tariff on Covered Products takes effect

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

SemiconductorsTechnology & software

Mechanisms

TariffSubsidy / incentiveLicensing

Role pressure

  • AdverseImporter — 25% tariff on advanced computing chips and derivative products, with complex end-use certification requirements
  • ProtectiveDomestic producer — Tariff offset program contemplated for Phase 2 to incentivize domestic investment; current tariff structure favors domestic supply chain buildout
  • MixedDownstream manufacturer — Exemptions for data centers, R&D, repairs, startups, consumer and industrial applications reduce cost pressure, but administrative burden and supply uncertainty remain
  • ProtectiveProject developer — Data center and domestic technology supply chain uses explicitly exempted from tariff, incentivizing U.S. infrastructure investment
  • AdverseTrading-partner exporter — Immediate tariff on advanced chips; broader tariffs threatened if negotiations fail; explicit targeting of foreign supply chain dependence

Geographies

USTWKRJPCNEUOTHER

Exposure dates

  • — 25% tariff on Covered Products takes effect
  • — Secretary provides update on data center semiconductor market

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

GOOGLAlphabetAAPLAppleAVGOBroadcomINTCIntelQQQInvesco QQQ TrustMETAMeta PlatformsMUMicron TechnologyMSFTMicrosoftNVDANVIDIAORCLOracleSPYSPDR S&P 500 ETFTSMTSMC

Confidence: high · Policy alerts

Key directives

  • Impose 25% ad valorem duty on Covered Products effective January 15, 2026
  • Jointly pursue/continue trade negotiations under 19 U.S.C. 1862(c)(3)(A)(i)
  • Provide negotiation status update within 90 days
  • Determine HTSUS modifications and administrative measures with ITC and CBP
  • Supersede inconsistent prior proclamations and executive orders
  • Continue monitoring imports and review national security status
  • Provide data center semiconductor market update by July 1, 2026

Who is ordered

Timeline

Immediate

  • 25% ad valorem tariff takes effect January 15, 2026 on Covered Products
  • CBP begins administering tariff with end-use certification requirements
  • Negotiations with foreign jurisdictions commence or continue

Near term (90d)

  • Secretary and USTR must provide negotiation progress update by April 14, 2026
  • Potential for broader Phase 2 tariffs after negotiations conclude
  • HTSUS modifications and administrative measures to be published

Long term

  • Secretary must provide data center semiconductor market update by July 1, 2026
  • Potential modification of tariff based on data center market review
  • Ongoing monitoring of imports and national security threat
  • Possible tariff offset program for domestic investment if broader tariffs imposed

Risks & tensions

  • Tariff exemptions for data center and supply chain uses create significant administrative burden and potential for circumvention
  • Narrow initial tariff scope on 'very narrow category' of AI-relevant chips may limit immediate impact
  • Phase 2 broader tariffs contingent on negotiation outcomes create policy uncertainty
  • Conflict with other tariff regimes (EO 14257, 14193, 14194) explicitly resolved in this proclamation's favor
  • Domestic manufacturing capacity insufficient to meet demand raises near-term supply constraints
  • Foreign retaliation against U.S. tech exports possible
Proclamation 11002: Adjusting Imports of Semiconductors, Semiconductor Manufacturing Equipment, and Their Derivative Products Into the United States · Executive Orders