06:09 AM EDT, 08/07/2025 (MT Newswires) -- US President Donald Trump on Wednesday proposed a 100% tariff on semiconductor imports while offering exemptions to companies that invest in domestic manufacturing, according to media reports.

The US president announced the plan from the Oval Office alongside Apple ( AAPL ) chief executive officer Tim Cook who pledged $100 billion to expand manufacturing in the US.

Firms making similar investments would avoid the chip tariff though a separate tax is expected on electronic imports that use semiconductors, according to reports.

The comments were not a formal tariff announcement and more details on how companies and countries could be impacted were not available, Reuters reported.