#美国半导体关税

On April 11, 2025, the United States announced a conditional tariff exemption for semiconductor manufacturing equipment, integrated circuits, and other electronic products, requiring that the 'American content' exceed 20% to qualify for the benefits. This policy aims to alleviate the supply chain pressure on companies like Apple and Intel, but the actual scope of the exemption is limited, with key products such as GPUs and server components still excluded, leading to a 30%-40% increase in costs for companies like NVIDIA. In contrast, China is accelerating domestic substitution by adjusting origin rules (with wafer production recognized as the origin), benefiting domestic equipment manufacturers like Northern Huachuang and Zhongwei Company, with the self-sufficiency rate for domestic equipment in cleaning and etching fields surpassing 50% in 2024. The repeated exposure of U.S. policies reveals its dependence on the Chinese supply chain, with 44% of companies in Apple's supply chain located in China, making the tariff exemption a short-term compromise.

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