The announcement in the Oval Office, set for 4:30 p.m. ET, includes Apple’s commitment to a new “American Manufacturing Program,” a White House official confirmed to CNBC.

Trump announced "a very large tariff on chips and semiconductors," but said that companies investing in the U.S. like Apple would be exempted.

Apple CEO Tim Cook announced at the White House on Wednesday that his company will be investing an additional $100 billion in the U.S. economy, on top of the $500 billion it previously committed to invest over the next four years.