TSMC and Foxconn hit hard in Taiwan following Trump's tariffs announcement

TSMC
(Image credit: TSMC)

Taiwan's stock market plunged nearly 10% on Monday, its steepest single-day decline ever, following U.S. announcement of a 32% import duty on goods from Taiwan, as well as Trump's intention to apply tariffs on chips. The slide was fueled by investor panic and heavy selling of major high-tech firms, including TSMC and Foxconn, Reuters reports.

Losses of TSMC and Foxconn highlight how deeply Taiwan's economy is tied to technology and global exports. The collapse followed a new round of U.S. duties, including a 32% charge on goods from Taiwan. TSMC and Foxconn were hit especially hard: Both saw share prices drop close to the daily 10% limit, triggering automatic halts.

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Anton Shilov
Contributing Writer

Anton Shilov is a contributing writer at Tom’s Hardware. Over the past couple of decades, he has covered everything from CPUs and GPUs to supercomputers and from modern process technologies and latest fab tools to high-tech industry trends.