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In a step that shook tech supply chains and the semiconductor industry, President Donald Trump stated that his administration would slap a 100% tariff on all foreign-made semiconductors, unless companies pledge to construct fabs in the U.S.
The news was made at a press conference in the Oval Office with Apple Inc (NASDAQ:AAPL) CEO Tim Cook, who vowed an extra $100 billion of domestic research and manufacturing spending.
Apple is in focus today. Check its prices live.
Markets welcomed the pro-U.S. sentiment. Apple shares bounced about 3% on Thursday, and Taiwan Semiconductor Manufacturing Co. (NYSE:TSM), which is exempt from tariffs due to its Arizona expansion, rose to an all-time high.
But behind the headline noise is an underlying investing question that comes up: Which ETFs will benefit or suffer as tariffs reshape the global chip landscape?
The biggest beneficiaries of the tariff theatrics are semiconductor ETFs packed with firms already manufacturing in the U.S. or exempted from the tariffs.
VanEck Semiconductor ETF (NASDAQ:SMH): TSM is a heavy holding here, and its exemption is a big win. The ETF increased more than 2% on Thursday, mostly on the coattails of TSM’s 5%+ gain.
iShares Semiconductor ETF (NASDAQ:SOXX): SOXX has a more diversified basket of U.S. semiconductor titans such as Intel Corp (NASDAQ:INTC), Broadcom Inc (NASDAQ:AVGO), and Texas Instruments Inc (NASDAQ:TXN), all of which have domestic manufacturing. Intel’s tie-up with Taiwan’s United Microelectronics Corp. may also be a tariff deflector.
Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ): Comparable to SOXX in makeup, but weighted differently, SOXQ could appeal to investors seeking a more U.S.-leaning semiconductor play without overpaying for TSMC exposure.
While the chip company names are in the spotlight, reshoring-focused ETFs could become dark horse champions without notice.
Pacer U.S. Cash Cows 100 ETF (BATS:COWZ): Investors are looking at this as a means to bet on robust U.S. earnings through industrial growth.
First Trust Nasdaq Clean Edge Smart Grid Infrastructure ETF (NASDAQ:GRID): Constructing fabs is energy-intensive, and this fund follows companies constructing and modernizing U.S. electrical infrastructure as a backdoor bet on the fab boom.
Apple’s $100 billion U.S. investment saved it from both the semiconductor and India tariff threats. That puts ETFs with significant Apple exposure in a pretty good place.
Technology Select Sector SPDR Fund (NYSE:XLK): With Apple constituting around 12% of the fund, and Microsoft Corp (NASDAQ:MSFT), with more than 14% of the portfolio, being a co-AI behemoth with U.S. manufacturing origins, XLK is likely to keep enjoying tariff-protected tech prowess.
While countries like Taiwan and South Korea are negotiating for exemptions, here are some ETFs that still stand at the crossroads.
iShares MSCI All Country Asia ex Japan ETF (NASDAQ:AAXJ): Broad exposure to Asia’s tech supply chain, such as India, Malaysia and other Southeast Asian chip exporters, means this is a risk zone. The Malaysian government is yet to negotiate clarity on U.S. tariff exposure.
Franklin FTSE South Korea ETF (NYSE:FLKR): While some insulation is provided by Samsung’s U.S. fabs, South Korea is not proof against general tariff shocks. Any redefinition or escalation of “domestic” production could land these ETFs in the middle.
After the 100% semiconductor tariff news, market reaction has been more precise, aiming at who’s exempt, who’s widening, and who’s still exposed. Reshoring, infrastructure and U.S.-fab-heavy ETFs are likely to draw new money in the days and weeks to come.
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Posted In: AAPL AAXJ AVGO COWZ FLKR GRID INTC MSFT SMH SOXQ SOXX TSM TXN XLK
