President Trump said Wednesday he will impose "approximately 100%" tariffs on imported semiconductors.

The president made the announcement during an Oval Office event with Apple CEO Tim Cook to unveil a new $100 billion commitment by the tech giant to invest in U.S.-based manufacturing.

The hefty new tariff would not apply to companies that have agreed to start manufacturing microchips in the U.S.

"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, even though you're building and you're not producing yet," Mr. Trump said.

Mr. Trump hinted at the new tariffs on Tuesday, telling CNBC's "Squawk Box" he planned to announce semiconductor duties "within the next week or so."

The Uni

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