President Donald Trump announced late Wednesday that he will impose a 100% tariff on imported semiconductors and chips. But Taiwan Semiconductor, Apple and more rose as Trump said the duty won't apply to companies making products in the U.S. or planning to do so.
"We'll be putting a tariff on of approximately 100% on chips and semiconductors. But if you're building in the United States of America, there's no charge," Trump told reporters in the Oval Office.
He didn't specify if the tariffs would apply to electronics, but did suggest that Apple and many giants will be spared.
"But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge," he said.
It's unclear how much manufacturing a company must do, or pledge to do, to win the tariff exemption.
On Wednesday, Apple said it would invest $100 billion into the U.S., raising investor hopes that the move would largely spare the iPhone from tariffs. Apple jumped 5.1% to 213.25 in Wednesday's session, back above the 50-day line.
Early Thursday, AAPL stock climbed 3%, eyeing a four-month high and nearing the 200-day.
Taiwan Semi Planning More U.S. Plants
Taiwan Semiconductor has one Arizona plant up and running, with two more planned. TSM stock rose nearly 5% in premarket action.
Taiwan Semi makes chips for Nvidia, Advanced Micro Devices, Broadcom, Apple and more. Trump specifically cited Nvidia as being exempt, along with Apple.
Nvidia, AMD and Broadcom climbed slightly before the open.
Intel rose slightly overnight, but turned lower before the open after President Trump said new CEO Lip-Bu Tan, who has close ties to China's chip industry, is "conflicted" and must resign.
GlobalFoundries, a U.S.-based chip foundry, jumped more than 7%.
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