At a glance, U.S. President Donald Trump appears to be winning the trade war he unleashed after returning to the White House in January, bending major trading partners to his will, imposing double-digit tariff rates on nearly all imports,

Trump also threatened a 100% tariff on foreign-made computer chips as he pushes tech firms to invest in the US. It came as Apple announced a new $100bn US investment (£75bn) after coming under pressure from the White House to move more production to America.

Upcoming tariffs of 100 per cent on foreign-made semiconductors are creating further uncertainties for the second half of 2025. Several tech industry executives told me they have modest expectations for the remainder of the year — traditionally a peak season for many sectors.