The roughly 100% chip tariffs had been expected for months. Earlier in the year, Trump had exempted Apple and other tech companies from so-called reciprocal tariffs with individual countries and said at the time that tech products would be hit by the broader sectoral tariffs.

Global technology stocks advanced on Thursday in a relief rally after the latest tariff salvo from U.S. President Donald Trump largely exempted industry heavyweights from his threat to impose 100% levy on chips and semiconductors.