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The president has repeatedly promised that levies on chips and pharmaceuticals are coming within weeks, but no formal announcements have yet been made.

Applied Materials plunged in late trading after giving a disappointing sales and profit forecast, renewing concerns that the U.S. trade dispute with China is weighing on demand.

The Trump administration had frozen the sale of some advanced chips to China earlier this year as trade tensions spiked between the world’s two largest economies.

“The real question everybody in the industry is asking is whether there will be a component tariff, where the chips in a device would require some sort of separate tariff calculation.”

Nvidia CEO Jensen Huang’s visit came hours before another tech leader — Apple CEO Tim Cook — was set to announce a commitment for $100 billion in fresh domestic manufacturing investments.

The agreement runs through 2033 and includes an upcoming plant in Taylor, Texas, to produce Tesla's next-generation AI6 chip.

Chipmaker Nvidia became the first public company to top $4 trillion in value on July 9 after two-year investor frenzy.

Sweeping tax legislation passed by the Senate on July 1 would make it cheaper for semiconductor manufacturers to build plants in the U.S., delivering a win to chipmakers.

Blowback to President Donald Trump’s idea of tariffs on imported semiconductors is proving to be broad and deep, and includes Tesla, Ford and GM.

After fresh negotiations in London, tariff rates remain essentially unchanged. Rare earth shipments from China are set to return to pre-April 2 conditions.