That could affect the latest levies, which went into effect on Wednesday after a 90-day detente, which came after the stock market tanked in the face of Trump's initial "reciprocal tariff" announcement. As a result, the U.S. now has an average effective tariff rate of 18.3%, the highest since 1934.

That’s not to say tariffs won’t hurt; CEO Tim Cook said tariffs will likely cost the company $1.1 billion this quarter. But analysts say Apple has bigger concerns, such as its future product strategy and approach to artificial intelligence, a burgeoning field that the tech behemoth is perceived to be behind in.

WASHINGTON, Aug 6 (Reuters) - President Donald Trump said the United States will impose a tariff of about 100% on imports of semiconductors but offered up a big exemption - it will not apply to companies that are manufacturing in the U.S. or have committed to do so.

President Trump announced a roughly 100% tariff on semiconductors coming into the U.S., but said tech companies such as Apple that are investing in U.S. manufacturing would be exempt from the levies.

Gold climbed to a fresh record high after a U.S. government agency clarified that import tariffs would apply to one-kilo gold bars, sparking turmoil in the global bullion market.