ON Semiconductor Shares Slump, U.S. Imposes Tariffs Over Forced Labor

ON Semiconductor and technology hardware stocks fell following the announcement of new U.S. government tariffs.

The new levies range from 10% to 12.5% and apply to 60 trading partners. These duties affect major economies including China and the European Union. The measures replace a temporary global tariff that recently expired.

The Philadelphia SE Semiconductor index declined 3.1% following the announcement.

The White House cited an investigation into lax enforcement of forced labor bans as the primary reason for the duties. This development adds to market anxieties over high AI spending and geopolitical tensions.