WASHINGTON (Reuters) – U.S. Commerce Secretary Gina Raimondo said Wednesday a Chinese invasion of Taiwan and seizure of chips producer TSMC would be “absolutely devastating” to the American economy.
Asked at a U.S. House hearing about the impact, Raimondo said “it would be absolutely devastating,” declining to comment on how or if it will happen, adding: “Right now, the United States buys 92% of its leading edge chips from TSMC in Taiwan.” She noted that TSMC has announced it will build more advanced chips in Arizona.
(Reporting by David Shepardson)
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I once witnessed a Chinese Seizure — it was not pretty!!