India, July 31 -- Since the start of his term, President Trump has implemented tariff policy to strengthen semiconductor supply chains to protect national security and encourage insourcing of future manufacturing. Policymakers should build upon the previous success of a targeted and limited tariff policy in the next phase. Blanket tariffs on all semiconductors would undo much of the good work done to date of increasing domestic manufacturing.

If done correctly, applying the right policy will strengthen domestic manufacturing. At the same time, good tariff policy should allow access to necessary semiconductor inputs American companies need. The defense industrial base needs access to semiconductors because those inputs are essential piece...