President Donald Trump on Tuesday said he told Taiwan Semiconductor Manufacturing Company (TSMC) it would face a 100% tax on its products if the company did not establish semiconductor manufacturing plants in the United States. Speaking at a Republican National Congressional Committee event, Trump criticized the Biden administration for offering a $6.6 billion grant to TSMC’s U.S. division for its Arizona-based semiconductor plant. He argued that semiconductor companies should not require such financial incentives.

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