The news: President Donald Trump imposed sweeping tariffs that will significantly impact US industries. Tariffs of 25% on Canadian and Mexican goods and 10% on Chinese imports went into effect Tuesday. Tech and auto industries face rising costs, forcing manufacturers to scramble for solutions.

Industries are scrambling to adjust: TSMC, the world’s largest chipmaker, is investing $100 billion in US factories to bypass potential 50% tariffs on chip imports and secure federal subsidies, per The Wall Street Journal.

• Electronics and AI chips will also become more expensive as supply chains adjust pricing.