[bruce511]

If you were talking about some discretionary thing, like magazines, I'd agree with you.

But customers don't buy chips, they buy stuff, and chips are in everything. There's the obvious (phones, tablets etc), but also everything else, like cars, washing machines, tvs, air fryers, plus more.

Clearly tarrifs drive (domestic) prices up, which will cause some level of inflation, but it will be across the board (not on "chips"). And clearly that will weaken demand.

But given global demand that will likely not be all that noticeable. Indeed it'll likely just result in US manufacturing being less competitive. Certainly it'll make US manufactured products more expensive on the world market.

Which likely leads to more American plants moving offshore, not onshore.