A RealClearMarkets analysis published under the headline "Tariffs Will Not Build Out the 'Missing Half' of U.S. Semiconductors" argues that tariff policy, on its own, cannot close the structural gap in American semiconductor manufacturing.

The piece's central claim is blunt: a substantial portion of the U.S. semiconductor supply chain — what the author calls the "missing half" — does not exist domestically, and import tariffs do not create it.

The full text of the article was not available for excerpting beyond its headline and publication details, so the specific figures, company references and policy recommendations it contains could not be independently verified for this report. The argument signaled by the title, however, joins an ongoing debate about the effectiveness of trade measures in rebuilding U.S. chip manufacturing capability.

Why the 'missing half' argument matters

The framing speaks to a widely discussed imbalance in the U.S. semiconductor industry. America leads in chip design, but a far smaller share of global fabrication, advanced packaging and materials production sits on U.S. soil. Policymakers have debated whether tariffs, subsidies or both are the right instruments to change that.

The RealClearMarkets piece positions itself against the tariff-first approach. Its headline asserts that duties will not construct the absent manufacturing capacity — an argument that contrasts with subsidy-based industrial policy such as the CHIPS and Science Act, which funds fab construction directly rather than taxing imports.

What the debate hinges on

Analyses in this debate typically turn on several questions the article's title raises:

• Whether tariffs raise costs for U.S. chip users faster than they incentivize domestic fab investment
• Whether the capital, workforce and supply chain depth needed for new fabs can be assembled on a tariff-driven timeline
• How import duties interact with existing subsidy programs for semiconductor manufacturing

Because the article body was not accessible, this report cannot attribute specific numbers or quotations to the author. Readers should consult the original RealClearMarkets piece for the full argument and its supporting evidence.

The broader competitive question — whether U.S. policy tools can rebuild domestic semiconductor manufacturing faster than global rivals expand — will keep this argument active as tariff policy and chip subsidies evolve.