Taiwan assessed China had staged the military "provocation" to express anger at a new US defence authorisation law

The Taiwanese company is already building a $8.6 billion chip facility in the country as part of efforts to diversify its production base

The new plant in Dresden – TSMC's first in Europe – will capitalise on booming demand from Germany's car sector, Nikkei said

Taiwan's export orders often arrive two to three months ahead of actual exports as a leading sign of demand for high-tech goods and Asian exports

The move followed pushback from trade groups like the US Chamber of Commerce which argued the measures would not further US national security

TSMC announced on Tuesday it would more than triple its planned investment at its Arizona plant to $40 billion

The US President's visit follows the Taiwanese chipmaker’s move to more than triple its planned investment in the factory to $40 billion

It is imperative for the island to remain competitive as countries including the United States, Japan and South Korea offer billions to bolster their chip industries, the economy ministry said

The move is an effort to bolster ASML's relations with customers like Samsung and SK Hynix in the face of new US chip sanctions against China

"We're going to compete vigorously. But I'm not looking for conflict," US President Joe Biden said after meeting Xi on the sidelines of the G20 summit

The world’s first and third-largest economies say China’s “coercive and retaliatory economic practices” and the war in Ukraine spurred them to team up

The "Chips and Science" act provides about $52 billion in subsidies for US semiconductor production and an investment tax credit for chip plants estimated at $24 billion