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.

Trump also suggests his chip tariffs will start low before ramping up. 'That gives [companies] a chance to come in and build. And very high after a certain period of time.'

U.S. President Donald Trump said Friday his administration will unveil tariffs on semiconductor imports as early as next week.