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.

How big a financial hit would Apple and its Taiwanese chip making partner TSMC take if and when U.S. President Donald Trump's proposed tariffs take effect?

The Trump tariffs could financially hit Apple's chip production partnership with TSMC, after the President insisted the import taxes will be applied to semiconductors and other specific industries in the near future.