Trump announced "a very large tariff on chips and semiconductors," but said that companies investing in the U.S. like Apple would be exempted.

The new investment — announced by Apple's Tim Cook — would increase the company's commitment to U.S. manufacturing to $600 billion over the next four years, a White House official said.

President Donald Trump announced on Wednesday that Apple will invest an additional $100 billion in the United States, a move that could help it sidestep potential tariffs on iPhones.