Semiconductor Manufacturing International Corp. said U.S. President Donald Trump’s plan to impose a 100% tariff on imported chips has not produced the “hard landing” the company once feared, citing robust demand at home and contingency stockpiling by customers. Co-Chief Executive Officer Zhao Haijun told analysts that most clients have either built sufficient inventories or found alternative suppliers, limiting the financial hit from earlier rounds of duties to less than 10% for overseas buyers. The remarks came as China’s largest contract chipmaker reported second-quarter revenue of $2.2 billion, a 16.2% increase from a year earlier, even as profit attributable to shareholders fell 19.5% to $132.5 million, missing analyst estimates. SMIC shipped 2.4 million eight-inch equivalent wafers during the quarter, lifting monthly production capacity 1.85% to 991,000 wafers and pushing utilization to 92.5%. The foundry expects revenue to grow a further 5% to 7% in the current quarter and anticipates capacity will remain fully booked until October. SMIC generates 84% of its sales in China and just under 13% in the United States, insulating it from Washington’s tariff strategy, which exempts companies that manufacture—or commit to manufacture—inside the United States. Because SMIC lacks U.S. production, its chips are unlikely to qualify for those carve-outs, yet the company says rising domestic substitution for power, analog and automotive semiconductors is offsetting any external headwinds.