A major conflict in the Taiwan Strait could inflict losses of up to US$10 trillion on the global economy—roughly 10% of global GDP. The scale of such a shock could surpass the total economic cost of the three years of the COVID-19 pandemic.
Even as TSMC’s international footprint reaches unprecedented scale, the center of gravity of global chip manufacturing remains—and for the foreseeable future will continue to remain—firmly anchored in Taiwan.
