Trump Hikes India Tariffs; Apple to Invest Another $100 Billion in U.S. — Live Updates

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.

Apple shares rose 5.1% on Wednesday and added 3% after hours on news of the exemption from the new chip tariffs. Shares of chip companies like Taiwan Semiconductor Manufacturing Co. also rose.

The tech developments came as many investors remained focused on President Trump’s separate tariff deadline Thursday.

Trump’s special envoy, Steve Witkoff, met President Putin in Moscow on Wednesday. Trump has said Russia must strike a peace deal with Ukraine soon, or risk severe economic penalties.

Secretary of State Marco Rubio met with Switzerland’s Karin Keller-Sutter on Wednesday morning, after the Swiss president rushed to Washington to try to head off the hefty 39% levy about to strike her country. Keller-Sutter told reporters that she had “a very good meeting” but didn’t provide more detail.

Apple, which has already pledged to invest $500 billion in the U.S., unveiled another $100 billion commitment. In a White House briefing with Apple Chief Executive Tim Cook on Wednesday afternoon, Trump called the company’s investment a significant step. “They’re coming home,” Trump said of the tech giant.

Stock indexes and Treasury yields mostly rose on Wednesday. More big-name earnings rolled in, including from AMD and Disney. McDonald’s shares gained after a sales rebound suggested the burger chain’s efforts to rebuild its reputation for fast, affordable food were paying off.

Stock indexes edged higher. Led by Apple, Nasdaq rose 1.2%. The S&P 500 advanced 0.7%, while the Dow industrials lagged behind, edging 0.2% higher.

Bond prices dropped. Yields on 10-year notes rose to 4.219% after a $42 billion Treasury auction.

The WSJ Dollar Index fell about 0.4%.

Oil prices slipped. Futures for Brent crude—the international benchmark—dropped 1.1% to $66.89 a barrel.

Global stocks mostly advanced.