A new $12 billion US chip plant sounds like a win for Trump. Not quite.

On Friday, May 15, the Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, announced that it will build a $12 billion plant in Arizona, to open by 2024. It expects the facility to employ roughly 1,600 people and indirectly generate thousands of other jobs.

At first blush, the announcement looks like a victory for the Trump administration, which has been pushing to disentangle its technology supply chain from China—both by regaining its high-tech manufacturing capacity from Asia and by cutting off its own equipment and intellectual property from Chinese tech giants like Huawei. But the impact of the

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