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Economist and gold enthusiast Peter Schiff is stirring some controversy after claiming that Apple may have secured tariff exemptions from President Donald Trump‘s new semiconductor tariff policy—and that it only cost them a gold-plated gift.
“If the base is solid gold and weighs 20 pounds, it’s worth $1 million. That’s a small price to pay for tariff relief on semiconductors,” Schiff, Europac.com chief economist and global strategist, wrote on X recently. “It also makes clear: if you want to bribe Trump, bring gold—not Bitcoin.”
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The comments come after Apple (NASDAQ:AAPL) CEO Tim Cook gifted Trump an engraved glass disc set on a 24-karat gold base during a high-profile Oval Office event on Aug. 6. The gift was presented just moments before Trump announced Apple would invest another $100 billion in U.S. jobs and suppliers.
Trump praised Apple’s domestic commitment as “historic,” saying the company would build the world’s largest smart glass production line in Kentucky. Cook said the glass used in the sculpture was produced at a Corning facility in Harrodsburg, and called the gold-based piece a “unique unit of one” designed by a former U.S. Marine corporal now employed at Apple.
While the presentation seemed ceremonial, Schiff interpreted the exchange differently. Known for advocating gold over cryptocurrencies, Schiff used the moment to argue that gold still carries weight, especially in politics.
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At the same event, Trump unveiled plans to impose a 100% tariff on imported computer chips, a move expected to raise the price of electronics, cars and appliances. But companies building in the U.S. would be exempt.
