US President Donald Trump said he would impose a 100 percent tariff on semiconductor imports, though would exempt companies moving production back to the United States, as Apple Inc. CEO Tim Cook and the president announced a fresh $100 billion investment plan from the Oval Office.

“We’re going to be putting a very large tariff on chips and semiconductors, but the good news for companies like Apple is, if you’re building in the United States, or have committed to build, without question, committed to build in the United States, there will be no charge,” Trump told reporters.

“So in other words, we’ll be putting a tariff of approximately 100 percent on chips and semiconductors. But if you’re building in the United States of America, there’s no charge,” Trump said. “Even though you’re building and you’re not producing yet, in terms of the big numbers of jobs and all of things building, if you’re building, there will be no charge.”

ALSO READ: Apple, Meta hit by €700 million in EU fines after Trump threats

Trump so far has exempted electronics including smartphones, computers and monitors from his nation-specific reciprocal tariffs, which are set to increase for many trading partners Thursday morning, while indicating those products would be hit as part of a separate forthcoming action on imports that include semiconductors.

An exemption from those levies amounts to a major victory for Apple and Cook, who were bracing for substantial tariffs that could ratchet up costs for the company’s signature phones and computers. 

Apple’s $100 billion US investment will include a new manufacturing program designed to bring more of Apple’s production to the US. The company’s American Manufacturing Program partners include glassmaker Corning Inc., Applied Materials Inc., Texas Instruments Inc. and others, the company said.

Corning will dedicate an entire factory in Kentucky to Apple glass production, increasing that company’s workforce in the state by 50 percent, the iPhone maker said. Corning was already a supplier to Apple, making glass for the very first iPhone at the same factory.

READ MORE: Trump threatens new tariffs on EU and Apple, reigniting trade fears

Apple had previously pledged to spend $500 billion in the US over the next four years, a slight acceleration over its prior investments and previously announced plans, adding about $39 billion in spending and an additional 1,000 jobs annually. The announcement will bring Apple’s cumulative commitment to $600 billion.

The previously planned $500 billion is said to include work on a new server manufacturing facility in Houston, a supplier academy in Michigan and additional spending with its existing suppliers in the country.