President Donald Trump stunned markets Wednesday by announcing 100% tariffs on imported semiconductor chips — but major chip stocks rallied. Taiwanese chip giant TSMC's stock closed 4.9% higher. In South Korea, Samsung Electronics ended 2.5% higher while SK Hynix reversed losses of over 3% in early trade to close 1.4% up.

President Donald Trump says he's imposing a 100% tariff on computer chips— a move that raises the specter of higher prices for electronics, autos, household appliances and other essential goods that depend on the processors.

P resident Donald Trump has revealed that he will announce new tariffs on semiconductors next week. The U.S. President said during a CNBC interview, “We’re going to be announcing on semiconductors and chips, which is a separate category, because we want them made in the United States.”