The semiconductor industry spent decades building a supply chain designed for borderless global trade. Now we're seeing pushback on that model. Some policymakers are arguing for reshoring and protectionism—but critics worry this approach might actually slow innovation and increase costs across the board. The chipmaking ecosystem is deeply interconnected; reversing globalization could create bottlenecks rather than resilience. Whether tightening trade barriers helps or hurts the industry's long-term competitiveness remains hotly debated among economists and industry analysts.