Tariffs aren’t enough: America needs a semiconductor revolution 

The debate over U.S. tariffs has been mired in politics and is now causing market disruptions. But the real stakes are even higher: The future of American manufacturing. President Trump’s tariffs regime is not just about rebalancing trade or punishing some countries; it is very much about "reprioritizing U.S. manufacturing" and and bringing about “the day American industry was reborn,” as Trump put it.

Yet tariffs alone can’t revive an industrial base hollowed out by decades of offshoring and underinvestment.