The reciprocal tariffs announced by U.S. President Donald Trump will hit key nations in the semiconductor supply chain, including 34% on China, 32% on Taiwan and 24% on Japan.

"Americans. This is Liberation Day," Trump said during an announcement from the White House Rose Garden on Wednesday afternoon. "We've been waiting for a long time ... This is the day we make America wealthy again." 

The reciprocal tariffs are based on roughly half the amount that other nations place on U.S. goods, according to the White House. For example, Trump said China's tariffs on the U.S. are 67%, Taiwan's are 64% and Japan's are 46%. The U.S. will also install a minimum baseline tariff of 10% on all other nations.

"In a few moments, I will sign an Executive Order signing reciprocal tariffs on countries around the world," Trump added. "It's our declaration of economic independence ... Jobs and factories will come roaring back into our country."

Trump also highlighted a list of big tech companies that are currently investing in the U.S.

"Here is a short list of the companies that have already committed," he said. "Apple (NASDAQ:AAPL), which has built a lot in China, is going to spend $500B to build plants here. Softbank (OTCPK:SFTBY), Open AI and Oracle (NYSE:ORCL) are investing $500B. Nvidia (NASDAQ:NVDA) is investing hundreds of billions. TSMC (NYSE:TSM), with no investment from us, is investing $200B. They will avoid tariffs by building them here. Meta (NASDAQ:META) is investing $500B." 

Another unnamed company plans to build a $60B plant in the U.S., which Trump said would be announced soon. 

"To any company that objects to our reciprocal tariffs, then you can build your plant here, and we cut the tariffs to zero," he said. "These tariffs are going to give us growth like nothing we have ever seen before."

Semiconductor and other tech stocks, including the entire Magnificent Seven, were sliding down during early post-market trading on Wednesday. Nvidia slid 3.5%, Taiwan Semiconductor Manufacturing was down 4.5%. Apple had slipped 5.4%. Meta was down 3.6%. Advanced Micro Devices (NASDAQ:AMD) had dropped about 3%. Qualcomm (NASDAQ:QCOM) was down 2.6% and Broadcom (NASDAQ:AVGO) had fallen 4%. Amazon (NASDAQ:AMZN) fell 5% and Microsoft edged down 2%. Google (NASDAQ:GOOG)(NASDAQ:GOOGL) had declined 3%.

Apple and Nvidia rank as TSM's two largest customers. AMD, Qualcomm and Broadcom are also major customers for the Taiwan-based semiconductor company.

India was hit with 26% tariffs. Apple has started shifting some of its production from China to India recently.