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Trump has said that he will impose a 100% tariff on imported products, including semiconductors, but will exempt companies that move their production back to the United States. He revealed this tariff plan while announcing a $1 billion new investment with Apple CEO Tim Cook in the Oval Office. Trump told reporters, "We will impose high tariffs on chips and semiconductors, but the good news for companies like Apple is that if you produce in the United States or have already committed to produce in the United States, you will not be subject to tariffs." "In other words, we will impose a tariff of about 100% on chips and semiconductors. But if you are building within the United States, you do not need to pay tariffs," Trump said. "Even if you are still under construction and not yet in production, in terms of creating a large number of jobs and all construction projects, you will not need to pay tariffs if you are building."