U.S. President Donald Trump said Wednesday he plans to impose a 100% tariff on semiconductor imports, with an exemption for companies that manufacture or commit to manufacturing in the U.S.

Semiconductor shares rose in Thursday trading. Wolfspeed up 10%; SOXL up 7%; TSMC up 6%; AMD up 5%; Micron up 4%; ASML up 3%; Nvidia up 2%.

The announcement came as Apple CEO Tim Cook joined the president in the Oval Office to unveil an additional $100 billion in the U.S. over the next four years, adding to the $500 billion the company has already pledged.

“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% on chips and semiconductors. But if you’re building in the United States of America, there’s no charge.”

Trump had previously signaled that the duties on chips and semiconductors could come as soon as next week. The proposed duties are part of his broader push to onshore high-tech manufacturing, with several top chipmakers, including Nvidia, GlobalFoundries and Taiwan Semiconductor already committing to manufacture some of their products in the U.S.