Taiwan Denies US Deal Harms Economy as TSMC Builds Abroad (1)

Taiwan sought to downplay concerns its tech industry is being hollowed out by a US trade deal, as Taiwan Semiconductor Manufacturing Co. and other chipmakers invest hundreds of billions of dollars in America.

“This is not an industrial relocation, but instead an extension and expansion of Taiwan’s technology industry,” Vice Premier Cheng Li-chiun said at a briefing in Washington DC on Thursday evening. “The government also supports companies in keeping their roots in Taiwan and expanding their investment at home.”

Taiwan and the US have reached consensus on a trade deal that subjects the island’s exports to a 15% ...