Trump & Cook Meeting: 100% Chip Tariff Announced, “Made in USA” Push

CNBC AI News, August 7th – President Trump sent ripples through the tech world Wednesday, announcing a potential 100% tariff on imported chips. The move immediately sparked concerns about potential price hikes for consumers and the broader electronics industry.

“We’re going to be charging tariffs for chips and for computer chips and various elements coming in,” Trump stated during a meeting with Apple CEO Tim Cook. “And that could be, could be as high as approximately 100%… But if you make it in the USA, there’s no tax.”

The President clarified that the tariff exemption would apply even if a manufacturing facility is under construction or still in the planning stages. However, he warned that companies would be held accountable for their commitments, with the government retroactively collecting accrued taxes if promises are broken.

The announcement, made in the Oval Office alongside Vice President Pence, Treasury Secretary Bessent, Commerce Secretary Lutnick, and Apple’s Cook, also highlighted Apple’s increased investment pledge in the United States. The tech giant is boosting its commitment from $500 billion, announced in February, to $600 billion.

In a gesture laden with symbolism, Cook presented Trump with a gift: a commemorative glass piece, proudly bearing the inscription “Made in America” alongside “President Trump,” all set upon a 24K gold base.

According to Cook, the glass itself is “from Corning’s production line” and bears his personal signature. He added that the 24K gold base was designed by a former Marine Corps corporal, now employed by Apple. The design underscores Apple’s commitment, however small, to American manufacturing.

Apple’s investment plan includes the construction of a major smart glass factory in Harrodsburg, Kentucky.

Furthermore, the expanded investment will support U.S. companies within Apple’s supply chain. This includes facilitating factory expansions at companies like Corning, Texas Instruments, Applied Materials, and MP Materials, aiming to increase the domestic production of Apple electronic components.

While Apple’s flagship iPhones are primarily manufactured in China, the company is actively diversifying its production, with some operations shifting to India.

However, Trump expressed his preference for domestic production. “We’re not interested in your India investment. India can take care of itself… I want you to build here,” Trump reportedly told Cook in May, reiterating his administration’s focus on “Made in the USA.”