Trump says ‘fairly substantial’ chips tariffs coming ‘shortly’

President Donald Trump said he would be imposing tariffs on semiconductor imports “very shortly” but spare goods from companies like Apple Inc. that have pledged to boost their US investments.“Tim Cook would be in pretty good shape,” Trump said Thursday of the Apple chief executive officer when it comes to the exposure his company might face from import levies, noting its recent investment commitments.

The president addressed reporters during a dinner at the White House with a rare gathering of top executives and founders from some of the world’s biggest technology companies, including Cook.

“I’ve discussed it with the people here, chips and semiconductors, and we’ll be putting tariffs on companies that aren’t coming in,” Trump said. “We’ll be putting a tariff very shortly. You probably are hearing we’ll be putting a fairly substantial tariff, or not that high, but fairly substantial tariff.”He added that “if they’re coming in, building, planning to come in, there will not be a tariff.”

Trump last month, during an event with Cook, said that he planned a 100% tariff on semiconductors while exempting products from companies that move their manufacturing to the US. Apple has pledged to spend $600 billion on a domestic manufacturing initiative.

Trump has previously suggested that the rate on tariffs could be well above 100%, reaching potentially as high as 200% or 300%.

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