In the short term, chips would just be 5-20% more expensive in the US compared to anywhere else. They'd need to raise the tariffs a bit more, though, to make sure there's incentive to increase production to a level that can satisfy demand.
In the long term, it would provide the US with an independent source of chips, and eventually allow them to let go of any plants to protect Taiwan from China.
In the long term, it would provide the US with an independent source of chips, and eventually allow them to let go of any plants to protect Taiwan from China.