Trump announces $100 billion investment by Taiwan semiconductor manufacturer

President Trump announced Monday that Taiwan Semiconductor Manufacturing Co. plans to spend $100 billion on new manufacturing plants in Arizona.

TSMC is the world’s biggest semiconductor manufacturer, producing chips that are used by big-name companies like Apple and Intel in such items as computers, smartphones, cars and medical equipment.

“This will create hundreds of billions of dollars in economic activity and boost America’s dominance in artificial intelligence and beyond,” Mr. Trump said in the announcement. “Semiconductors are the backbone of the 21st century economy and really without the semiconductors there is no economy.”