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’s commitment will increase the Cupertino-based company’s U.S. investment to $600 billion over four years as it seeks to avoid the cost of tariffs. The company announced a $500-billion U.S. investment commitment in February.

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.