Trump Trade: Trump might not impose semiconductor tariffs soon

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.

SEMICONDUCTOR TARIFF: U.S. officials are saying privately they might not levy semiconductor tariffs soon, as the Trump administration takes a more cautious approach with China, Reuters’ Laurie Chen, Trevor Hunnicutt, and Jeffrey Dastin report. President Trump said in August that the U.S. would impose a tariff of about 100% on imports of semiconductors but exempted companies that are manufacturing in the U.S. or have committed to do so. Publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

GAIN ACT: White House officials are asking Congress members to reject the GAIN AI Act, which would limit Nvidia’s ability to sell AI to China and other adversary countries, Mackenzie Hawkins of Bloomberg reports, citing people familiar with the matter. The Act would create a system giving Americans dibs on AI chips that are set to export. This could bar Nvidia and AMD from selling its best products to the Asian country.

AI RULES: U.S. President Donald Trump is weighing signing an executive order as soon as this Friday that would give the U.S. government unilateral authority over regulating AI, including the formation of an “AI Litigation Task Force” overseen by the Attorney General, The Verge’s Tina Nguyen reports. According to a draft of the order seen by The Verge, the task force would be allowed to sue states whose laws are determined to hinder the growth of the AI sector, citing California’s recent laws on AI safety as well as a Colorado law that blocks “algorithmic discrimination.” Publicly traded companies in the AI space include Nvidia (NVDA), AMD (AMD), Microsoft (MSFT), Apple (AAPL), Meta (META), Amazon (AMZN), TSMC (TSM), CoreWeave (CRWV), and Palantir (PLTR).