Trump plans 100% tariff on semiconductors, with big exemption

Driving the news: Trump announced the 100% tariff Wednesday during a press conference where he promoted Apple's commitment to increase its U.S. manufacturing commitment by $100 billion.

• Trump said he'll exempt chip companies that are making their goods here or have begun building plants here.
• "If you're building in the United States of America, there's no charge," he said.
• "I think the chip companies are all coming back home," he said.

Zoom out: Several major chip manufacturers have already announced plans to build parts here.

• Many of them are drawing incentives from the bipartisan CHIPS Act signed into law by President Biden.
• Trump Commerce Secretary Howard Lutnick has said the administration is renegotiating those incentive deals to extract bigger American manufacturing commitments from the producers.

Go deeper: Partnerships key to U.S. semiconductor chip industry development