Sou Hu Cai Jing·2026-01-15 02:50Group 1 - The U.S. government has signed two executive orders imposing a 25% tariff on certain semiconductor products, primarily affecting companies like Nvidia and AMD [2][3] - The tariffs apply to semiconductors imported to the U.S. that are not used for domestic AI purposes and are subsequently re-exported to other countries, a practice known as "transshipment" [2] - The White House emphasizes that the tariff measures are limited to a "narrow class of semiconductors" deemed critical to the government's AI and technology strategy [4] Group 2 - The executive orders formalize previous statements made by the Trump administration regarding tariffs on Nvidia's H200 and AMD's MI325X chips, which will now incur a 25% tariff [3][4] - The government retains the flexibility to expand tariffs after trade negotiations, with potential for broader measures and significant tax rates [4] - The tariffs are implemented under Section 232 of the Trade Law, which relates to national security, and the market is awaiting a Supreme Court decision on the legality of such tariffs [4] Group 3 - The government has chosen not to impose tariffs on critical minerals for now, opting instead to negotiate with trade partners to reduce reliance on imports, particularly from China [5] - The U.S. is heavily dependent on imports for 12 critical minerals, with over 50% reliance on foreign sources for an additional 29 minerals, giving China leverage in U.S.-China negotiations [5] - Discussions have taken place with France, Australia, South Korea, and the UK regarding critical minerals, reflecting a pragmatic approach towards China [5]