President Trump on Wednesday announced plans to slap 100% tariffs on imported computer chips—unless tech companies commit to manufacturing in the US—a move that could reshape the global tech industry and send ripple effects through everything from smartphones to automobiles, the Washington Post reports. The policy would exempt firms that commit to building and investing domestically, putting pressure on a tech sector that largely depends on Asian manufacturers for components vital to smartphones, vehicles, and appliances.
Trump unveiled the tariff proposal, which also includes semiconductors, at a White House event alongside Apple CEO Tim Cook, who pledged to boost investment in US jobs and suppliers, USA Today reports. Apple, which assembles most of its products overseas, secured an exemption after promising to increase its spending in the US by $100 billion, reaching $600 billion during Trump's term. Among Apple's new initiatives is a plan for Corning, its longtime glass supplier, to manufacture all iPhone and Apple Watch glass in Kentucky.
While the Trump administration describes the policy as giving companies time to adapt their supply chains, the tariffs could raise consumer prices on electronics and other goods. Trump has made similar moves in the auto industry, revising import levies to give manufacturers breathing room. However, the specifics—such as which investments qualify for exemptions—remain unclear, leaving considerable presidential leverage over companies with global supply chains. Also unclear is when the tariffs might take effect.
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