The president said companies will face no tariffs if they are building or have committed to building manufacturing plants in the U.S.

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."