President Trump announced a roughly 100% tariff on semiconductors coming into the U.S., but said tech companies such as Apple that are investing in U.S. manufacturing would be exempt from the levies.

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.

That’s not to say tariffs won’t hurt; CEO Tim Cook said tariffs will likely cost the company $1.1 billion this quarter. But analysts say Apple has bigger concerns, such as its future product strategy and approach to artificial intelligence, a burgeoning field that the tech behemoth is perceived to be behind in.

President Donald Trump on Friday warned U.S. courts against blocking his tariff policy, citing its "positive impact" on the stock market and saying such a move could cause a severe economic downturn.

Gold climbed to a fresh record high after a U.S. government agency clarified that import tariffs would apply to one-kilo gold bars, sparking turmoil in the global bullion market.