President Donald Trump stunned markets Wednesday by announcing 100% tariffs on imported semiconductor chips — but major chip stocks rallied. Taiwanese chip giant TSMC's stock closed 4.9% higher. In South Korea, Samsung Electronics ended 2.5% higher while SK Hynix reversed losses of over 3% in early trade to close 1.4% up.

President Donald Trump said companies committed to building in the United States would be spared from the tariffs.

President Donald Trump says he's imposing a 100% tariff on computer chips— a move that will likely raise the cost of electronics, autos, household appliances and other essential goods