ASML Holding NV (ASML) warned that it could not quantify the impact of President Donald Trump’s tariffs, highlighting the uncertainty that these policies have brought to the semiconductor industry.

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During a post-earnings call, ASML highlighted that the situation is dynamic right now, referring to the multiple changes in the policies since they were announced by President Trump and subsequently paused for 90 days, except for China.

ASML CFO Roger Dassen said the impact of Trump’s tariffs on the global gross domestic product (GDP) and demand is currently unknown.

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“I think it's way too early to discuss that, and therefore it's quite impossible actually to put a number on that,” he explained.

ASML reported a 45% decline in net bookings in the first quarter.

CEO Chistophe Fouquet said that the company does not “know how to quantify” the impact of tariffs, but added that “this is definitely adding uncertainty on the long term.”

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ASML counts chip giants like Taiwan Semiconductor Manufacturing Co. (TSMC) and Intel Corp. (INTC) as some of its biggest customers.

The company added that while it is trying to minimize the impact of tariffs on its performance, it would be appropriate to pass on a “significant part” of the increase in costs due to tariffs to the “next layer in the value chain,” according to Bloomberg.

This refers to ASML’s customers, such as TSMC and Intel, which use chipmaking machines made by the Dutch company to manufacture semiconductor chips in their facilities.

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Dassen also added that the company has no plans to move manufacturing to the U.S. to escape tariffs. “Most of the final assembly of what we do happens here in the Netherlands,” Dassen said, adding that it’s because the capabilities and supply chain are present there.

ASML’s stock was down 4% in Wednesday’s pre-market session, while TSMC’s shares fell over 3% and Intel's stock declined over 2.7%.

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