In TSMC’s case, this is in the form of a $12 billion semiconductor factor in Arizona, supporting by a $6.6 billion CHIPS Act subsidy won last year. Since then, the semiconductor giant has pledged to build two more facilities in Arizona, bringing the company’s total planned investment to around $65 billion.

How big a financial hit would Apple and its Taiwanese chip making partner TSMC take if and when U.S. President Donald Trump's proposed tariffs take effect?

Today, most of the world's semiconductor manufacturing comes from TSMC, which has spent years expanding its operations in Taiwan as a hedge against Chinese aggression. The world needs TSMC, which helps to keep the CCP's "one China" rhetoric just that—rhetoric.