Trump announced "a very large tariff on chips and semiconductors," but said that companies investing in the U.S. like Apple would be exempted.

Apple CEO Tim Cook said “we’re going to keep making investments right here in America because we’re a proud American company.” His company this year has pledged $600 billion in total

The announcement in the Oval Office, set for 4:30 p.m. ET, includes Apple’s commitment to a new “American Manufacturing Program,” a White House official confirmed to CNBC.