Goldman Lists The Winners From Trump's 100% Microchip Tariff

Yesterday, to much fanfare in the Oval Office, Trump announced that Apple would boost its total investment in the US from $500BN to $600BN over the next four years. The news helped Apple single-handedly lift the S&P and Nasdaq yesterday, rallying over 5% because, as Goldman writes, the market narrative was that by committing even more capex to the US, Apple (which in the past four years spent just $42BN in capex), avoids potential tariffs. In reality, however, Goldman Delta One trader Rich Privorotsky explains that "the $500bn investment plan already existed—bumping it to $600bn with some creative accounting doesn’t change much fundamentally."

That wasn't all that was announced however, and as we reported last night, Trump also warned that he would slap 100% tariffs on chip and semiconductor imports in the US, with the only exemption for companies that have US plants.