President Donald Trump announced 100% tariffs on semiconductors on Wednesday as he touted a new multibillion-dollar investment from Apple.

“We are going to be putting a very large tariff on chips and semiconductors. Approximately 100% on chips and semiconductors,” Trump said while speaking in the Oval Office. “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.”