President Donald Trump said he will impose tariffs on semiconductor imports “very shortly,” but will spare products from companies like Apple Inc., which have committed to boosting investments in the US.

Speaking at a White House dinner with top technology executives and founders, including Apple CEO Tim Cook, Trump said Cook “would be in pretty good shape” given Apple’s recent pledges to expand US operations.

Trump explained that tariffs would target companies not investing or building in the US. “We’ll be putting tariffs on companies that aren’t coming in,” he told reporters. “You’re probably hearing we’ll be putting a fairly substantial tariff — not that high, but fairly substantial.” Companies investing in US manufacturing, he added, would not face tariffs.

Just last month, Trump told Cook he planned a 100% tariff on semiconductors but promised exemptions for firms shifting production to the US. Apple has already pledged $600 billion for a domestic manufacturing initiative.

Trump has previously suggested tariffs could even exceed 100%, with possible rates as high as 200% or 300%.

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