The US is preparing tariffs on imported chips, which is bad for chipmakers that build abroad and good for those willing to spend on American factories.

• Commerce Secretary Howard Lutnick confirmed the White House is drawing up a chip tariff plan and says every company knows it is coming.
• The deal is simple: build a plant in the US and pay nothing, stay offshore and pay to sell into the world's biggest market.
• The administration argues tariffs will lift growth, shrink the budget deficit, and pull down bond yields.
• Those yields are moving the other way — 10-year US government bond yields just hit their highest level since late 2023 in a global selloff.
• Lutnick blames weak second-quarter growth on the Supreme Court striking down the broad "reciprocal" tariffs, saying the resulting flood of imports knocked 1.6 points off GDP.

Outlook: A formal chip tariff framework looks close, and companies without US factory plans should expect to pay.