麦肯锡：2025年关税对半导体行业的影响报告（英文版）

In 2024, the semiconductor industry created the fourth-largest value by market capitalization after high tech, life sciences (pharmaceuticals and biotech), and media and entertainment (Exhibit 1). Semiconductors underpin critical industries from consumer electronics to automotives to aerospace and defense (A&D), and they form the basis for many national security technologies. For these reasons, countries have recently been exploring trade measures of double- and even triple-digit tariffs