Donald Trump said he would impose a 100% tariff on imports that include semiconductors, though would exempt companies moving production back to the United States, as Apple Inc. CEO Tim Cook and the president announced a fresh $100 billion investment plan from the Oval Office.
“We’re going to be putting a very large tariff on chips and semiconductors, but the good news for companies like Apple is, if you’re building in the United States, or have committed to build, without question, committed to build in the United States, there will be no charge,” Trump told reporters.
“So in other words, we’ll be putting a tariff of approximately 100% on chips and semiconductors. But if you’re building in the United States of America, there’s no charge,” Trump said. “Even though you’re building and you’re not producing yet, in terms of the big numbers of jobs and all of things building, if you’re building, there will be no charge.”
The announcement amounts to a major victory for Apple and Cook, who have faced escalating threats from Trump’s tariffs that threatened to ratchet up the cost of producing their signature phones and computers.
Apple’s $100 billion US investment will include a new manufacturing program designed to bring more of Apple’s production to the US. The company’s American Manufacturing Program partners include glassmaker Corning Inc., Applied Materials Inc., Texas Instruments Inc. and others, the company said.
Corning will dedicate an entire factory in Kentucky to Apple glass production, increasing that company’s workforce in the state by 50%, the iPhone maker said. Corning was already a supplier to Apple, making glass for the very first iPhone at the same factory.
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