During today’s Oval Office press conference, President Donald Trump announced that Apple will be exempt from an upcoming “very large tariff on chips and semiconductors”. Here are the details.
Today, Apple announced the American Manufacturing Program (AMP), adding $100 billion to its previously pledged $500 billion investment aimed at expanding domestic facilities and creating jobs.
During the press briefing in which, among other things, Apple CEO Tim Cook gifted President Trump a piece of US-made round glass and a 24k gold base, Trump announced that he will soon place a tariff of “approximately 100%” on chips and semiconductors.
Although characteristically light on specifics, the new levy isn’t exactly a surprise. Trump first hinted at a chip tariff back in mid-April, when he said he’d announce a specific rate on imported semiconductors “over the next week.”
Here’s Trump’s full statement from today’s press conference:
