Topline
President Donald Trump announced Wednesday a 100% tariff on chips and semiconductors, saying companies like Apple would receive exemptions for producing goods in the U.S.
Trump made the announcement Wednesday. (Photo by Win McNamee/Getty Images)
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Key Facts
Trump said the 100% tariff on all chips and semiconductors being exported to the U.S. could be avoided by companies if they have “made a commitment to build or if you are in the process of building” manufacturing plants on U.S. soil.
The president added companies that do not follow through on commitments will be retroactively charged, adding “that’s a guarantee.”
Trump discussed the tariff rate while announcing an additional $100 billion manufacturing investment from Apple in the U.S., making the tech giant immune to the 100% chip tariffs just a few months after it secured tariff exemptions on iPhones—most of which are manufactured in China and other parts of Asia.
Apple’s newest manufacturing investment brings its commitment to the U.S. to $600 billion, adding factories and training facilities to states like Texas, Michigan and Kentucky, the latter state of which will begin manufacturing coverglass for all iPhones and Apple Watches, Cook said.
This is a developing story. Check back for updates.