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Trump stated that a 100% tariff will be imposed on imported products, including semiconductors, but companies that move production back to the United States will be exempt. He disclosed this tariff plan while announcing a new $100 billion investment with Apple CEO Tim Cook in the Oval Office. Trump told reporters, "We will impose high tariffs on chips and semiconductors, but the good news for companies like Apple is that if you produce in the U.S. or have already committed to producing in the U.S., there is no doubt you will not be subject to tariffs." "In other words, we will impose approximately a 100% tariff on chips and semiconductors. But if you are building within the United States, you will not have to pay tariffs," Trump said. "Even if you are in the process of building and have not yet started production, in terms of the large number of jobs created and all construction projects, if you are in construction, you will not have to pay tariffs."