The tariffs would ensnare cutting-edge smartphone and PC-related chips for Apple, AMD and Nvidia if enacted. But Trump is betting his plan will bring more chip production to the US.

The Trump tariffs could financially hit Apple's chip production partnership with TSMC, after the President insisted the import taxes will be applied to semiconductors and other specific industries in the near future.

President Donald Trump has threatened to impose tariffs on Taiwan-made chips, which could hit Nvidia, one of TSMC's biggest customers.