The President said he plans to introduce 100% tariffs on foreign-made chips, but the largest producers may avoid the levy.

Trump's announcement on CNBC's "Squawk Box" came on the heels of him unveiling new tariff rates on numerous countries, with some facing steep hikes.

President Donald Trump said he will impose a 100% tariff on imports of semiconductors and chips, but not for companies that are "building in the United States."