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

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.

Apple’s commitment will increase the Cupertino-based company’s U.S. investment to $600 billion over four years as it seeks to avoid the cost of tariffs. The company announced a $500-billion U.S. investment commitment in February.