President says TSMC won’t have to pay tariffs and encourages other semiconductor companies to build in US

The CEO of a giant in the semiconductor chip industry joined Donald Trump on Monday to announce the Taiwanese company’s new $100bn investment in production in the United States.

CC Wei, the chief executive of Taiwan Semiconductor Manufacturing Co (TSMC) announced the investment at the White House alongside the president, US commerce secretary Howard Lutnick and David Sacks, a Trump adviser on AI and crypto. He said the new investment brings TSMC’s total investment in chip manufacturing in the US to $165bn.