India, May 16 -- In mid-April, Donald Trump gave electronics the all-caps treatment on social media. "We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations," he yelled, having initially excluded chips from his blanket 10% import tariff hikes earlier that month.

The Biden-era US Chips and Science Act began what the new president aims to accelerate with his "much better Chips Act" and his potential tariffs: boosting America's domestic semiconductor industry to compete with China's, though supply chain disruptions seem more likely if he follows through with his hike.

In Europe, meanwhile, the EU's court of auditors has warned the target in the bloc's 2023 Chips...