In a rare joint appearance following the re-election of Donald Trump as US President, the CEOs of Infineon (Germany), STMicroelectronics (France-Italy), and NXP Semiconductors (Netherlands) highlighted the challenges posed by nationalist industrial policies that have emerged over the past decade.

The CEOs from NXP Semiconductors trend, they argue, is becoming a significant obstacle to business operations.

Infineon CEO Jochen Hanebeck said: "The danger is that we will accelerate in this fragmentation. Fragmentation is happening on the supply side, and potentially with tariffs, which are written on the wall, it will get worse."

All three companies are major suppliers of chips used in automotive, electrical power control, and industrial applications. They are currently experiencing strong business in China, driven by the booming electric vehicle market. However, other chip markets around the world remain weak, with the exception of those used in artificial intelligence.

STMicroelectronics CEO Jean-Marc Chery noted the high costs associated with recreating supply and production chains on separate continents to produce.

NXP Semiconductors CEO Kurt Sievers warned that no country can dominate the chip industry or be entirely independent.

"And if it was possible, it would become so expensive that no consumer could afford any device which uses chips. And I'm sure every government over time will understand it," he said.