Clarification of Exceptions Under Executive Order 14257 of April 2, 2025, as Amended

MemorandumTariff cut or exemptionPublished 25/04/11Open the original

Summary

President Trump issues a memorandum clarifying that the semiconductors excepted from the reciprocal tariffs of Executive Order 14257 include HTSUS headings such as 8471, 8486 and 8542, effective April 5, 2025. Duties collected on these imports since then will be refunded.

By industry

Semiconductors & CHIPS Act1 trading day−0.9%p15 stocks5 trading days−3.1%p15 stocks20 trading days+7.5%p15 stocks
“One of those excepted products is “semiconductors.””
Tariffs & Reshoring1 trading day+0.4%p15 stocks5 trading days+1.8%p15 stocks20 trading days+5.1%p15 stocks
“Regulating Imports With a Reciprocal Tariff to Rectify Trade Practices”

Day by day after the announcement

Semiconductors & CHIPS Act stocks and the S&P 500 after the announcement, cumulative %
Day	Semiconductors & CHIPS Act stocks	S&P 500
25/04/10	0.0%	0.0%
25/04/11	+1.1%	+2.0%
25/04/14	+2.1%	+2.6%
25/04/15	+1.4%	+2.3%
25/04/16	−1.8%	+0.4%
25/04/17	−2.2%	+0.9%
25/04/21	−3.8%	−1.7%
25/04/22	−1.3%	+2.6%
25/04/23	+2.9%	+2.6%
25/04/24	+8.4%	+4.9%
25/04/25	+9.3%	+5.3%
25/04/28	+9.1%	+5.2%
25/04/29	+7.6%	+5.7%
25/04/30	+8.8%	+6.7%
25/05/01	+8.3%	+6.5%
25/05/02	+12.2%	+8.4%
25/05/05	+10.8%	+7.7%
25/05/06	+9.8%	+7.7%
25/05/07	+11.6%	+7.3%
25/05/08	+13.3%	+8.0%
25/05/09	+15.4%	+7.9%

Korean stocks in these industries

Samsung Electronics 005930
SK hynix 000660
SKC 011790
Hyundai Steel 004020
POSCO Holdings 005490
SeAH Steel Holdings 003030

Trades in these industries around the announcement

Members' and insiders' trades in the industries' stocks, 30 days before to 30 days after.

Gary E. DickersonPresident and CEO
BuyApplied Materials
Buy
Applied Materials
AMAT
$6.7M
48,581 sh
$6.7M
Filed 25/04/07
Traded 25/04/03
Gary E. DickersonPresident and CEO
BuyApplied Materials
Buy
Applied Materials
AMAT
$195.4K
1,419 sh
$195.4K
Filed 25/04/07
Traded 25/04/03
Ava HarterChief Legal Officer
BuyLam Research
Buy
Lam Research
LRCX
$602
9.46 sh
$602
Filed 25/08/06
Traded 25/04/08
Peter R. MattPresident and CEO
BuyCommercial Metals
Buy
Commercial Metals
CMC
$294.6K
6,100 sh
$294.6K
Filed 25/03/31
Traded 25/03/27
Robert K. BurgessDirector
SellNvidia
Sell
Nvidia
NVDA
$6.2M
53,324 sh
$6.2M
Filed 25/03/17
Traded 25/03/13
Colette KressEVP & CFO
Sell10b5-1 planNvidia
Sell10b5-1 plan
Nvidia
NVDA
$4.7M
39,963 sh
$4.7M
Filed 25/03/21
Traded 25/03/21
Julia LetlowRepresentative · Republican · LA
BuyMicron Technology
Buy
Micron Technology
MU
$1K–$15K
Self
$1K–$15K
Reported 01/13
Traded 25/04/14
Colette KressEVP & CFO
Sell10b5-1 planNvidia
Sell10b5-1 plan
Nvidia
NVDA
$2.7M
22,950 sh
$2.7M
Filed 25/03/21
Traded 25/03/21
Sheldon WhitehouseSenator · Democrat · RI
Partial saleNvidia
Partial sale
Nvidia
NVDA
$15K–$50K
Spouse
$15K–$50K
Reported 25/05/13
Traded 25/04/14
Colette KressEVP & CFO
Sell10b5-1 planNvidia
Sell10b5-1 plan
Nvidia
NVDA
$441K
3,747 sh
$441K
Filed 25/03/21
Traded 25/03/21
John R. McPhersonDirector
BuyCommercial Metals
Buy
Commercial Metals
CMC
$100K
2,475 sh
$100K
Filed 25/04/07
Traded 25/04/04
Vincent RocheChair & CEO
SellAnalog Devices
Sell
Analog Devices
ADI
$1.7M
8,237 sh
$1.7M
Filed 25/03/13
Traded 25/03/12
April S. ArnzenEVP and Chief People Officer
Sell10b5-1 planMicron Technology
Sell10b5-1 plan
Micron Technology
MU
$1.4M
15,000 sh
$1.4M
Filed 25/03/27
Traded 25/03/25
Aarti S. ShahDirector
Sell10b5-1 planNvidia
Sell10b5-1 plan
Nvidia
NVDA
$1.1M
9,224 sh
$1.1M
Filed 25/03/21
Traded 25/03/20
Aarti S. ShahDirector
Sell10b5-1 planNvidia
Sell10b5-1 plan
Nvidia
NVDA
$1M
8,476 sh
$1M
Filed 25/03/21
Traded 25/03/20
John BoozmanSenator · Republican · AR
Partial saleApplied Materials
Partial sale
Applied Materials
AMAT
$1K–$15K
Joint
$1K–$15K
Reported 25/05/14
Traded 25/04/16
John BoozmanSenator · Republican · AR
Partial saleLam Research
Partial sale
Lam Research
LRCX
$1K–$15K
Joint
$1K–$15K
Reported 25/05/14
Traded 25/04/16
John BoozmanSenator · Republican · AR
BuyApplied Materials
Buy
Applied Materials
AMAT
$1K–$15K
Joint
$1K–$15K
Reported 25/04/20
Traded 25/03/19
Richard P. WallacePresident and CEO
Sell10b5-1 planKla
Sell10b5-1 plan
Kla
KLAC
$7.4M
10,802 sh
$7.4M
Filed 25/05/08
Traded 25/05/06
Michael Charles RaySVP, Chief Legal Officer
Sell10b5-1 planMicron Technology
Sell10b5-1 plan
Micron Technology
MU
$652.5K
6,525 sh
$652.5K
Filed 25/03/18
Traded 25/03/14