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(The Guardian) The stocks of the world’s largest chipmakers took a tumble following Donald Trump’s comments in which he said Taiwan should pay for US protection.
The Guardian’s Jack Simpson reports: Shares in semiconductor and related tech companies had already plunged on Wednesday after the former president’s comments, as well as a report that suggested Joe Biden’s administration was considering the strictest controls on the trade of chips to China.
Taiwan Semiconductor Manufacturing (TSMC), the world’s largest contract chipmaker, fell by 2.4% on Thursday. That followed a 7% fall the previous day, when Trump questioned why the US was acting as Taiwan’s “insurance” when, he claimed, it had taken away America’s chip business.
On Wednesday, the US’s tech-heavy Nasdaq composite index had its worst day since December 2022, falling 2.8%, after an unconfirmed Bloomberg report suggested Biden was considering introducing the most severe restrictions on companies if they continued to give China access to semiconductor technology.
It said the US president was considering whether to impose a measure called the foreign direct product rule, which would allow the US to impose controls on foreign-made products that use even tiny amounts of US technology.
www.theguardian.com
The Guardian’s Jack Simpson reports: Shares in semiconductor and related tech companies had already plunged on Wednesday after the former president’s comments, as well as a report that suggested Joe Biden’s administration was considering the strictest controls on the trade of chips to China.
Taiwan Semiconductor Manufacturing (TSMC), the world’s largest contract chipmaker, fell by 2.4% on Thursday. That followed a 7% fall the previous day, when Trump questioned why the US was acting as Taiwan’s “insurance” when, he claimed, it had taken away America’s chip business.
On Wednesday, the US’s tech-heavy Nasdaq composite index had its worst day since December 2022, falling 2.8%, after an unconfirmed Bloomberg report suggested Biden was considering introducing the most severe restrictions on companies if they continued to give China access to semiconductor technology.
It said the US president was considering whether to impose a measure called the foreign direct product rule, which would allow the US to impose controls on foreign-made products that use even tiny amounts of US technology.
Chip stocks fall further after Trump’s remarks on Taiwan defence
Semiconductor and related tech shares hit hard by former US president’s calls for Taipei to pay for US protection
www.theguardian.com
