Chip stocks are bouncing around in Wednesday’s after-hours session after President Donald Trump announced plans to slap tariffs on semiconductor companies that aren’t “building” in the U.S.
What Happened: Apple CEO Tim Cook announced a new $100 billion commitment to increase investments in the U.S. from the White House on Wednesday. Trump told reporters at the event that he’s planning to put “very large” tariffs of approximately 100% on semiconductors, per Bloomberg.
“The good news for companies like Apple is if you're building in the United States … there will be no charge,” Trump reportedly said.
