Though the United States is the global leader in designing chips, the vast majority of chip production happens overseas, particularly in U.S.-ally Taiwan.

The tariffs would ensnare cutting-edge smartphone and PC-related chips for Apple, AMD and Nvidia if enacted. But Trump is betting his plan will bring more chip production to the US.

If $2,000 for Nvidia's toasty new RTX 5090 graphics card feels a little steep, things might be about to get a whole lot more expensive. Speaking to Republicans at a conference in Miami on Monday, President Trump threatened to impose up to 100% tariffs on chips from Taiwan.