This SemiAnalysis report from April 2025 analyzes the potential impact of newly imposed "Liberation Day" tariffs by the Trump administration on the AI infrastructure and datacenter industries. The authors explore the broad implications of these tariffs, including specific rates for various countries and key exemptions for goods from Canada and Mexico, as well as certain commodities. Despite some exemptions, the report highlights vulnerabilities in the supply chains for GPUs, optical modules, and wafer fabrication equipment, predicting potential cost increases. The analysis also examines how different countries are responding to the tariffs and considers the possibility of retaliatory measures targeting US Big Tech and cloud computing services. Ultimately, the report assesses the uncertainty these tariffs introduce and their potential to affect investment in AI infrastructure.