May 15, 2020 / 4:55 AM / in 2 months

Pompeo says TSMC's $12 billion investment to increase U.S. economic independence from China

FILE PHOTO: U.S. Secretary of State Mike Pompeo speaks about the coronavirus disease (COVID-19) during a media briefing at the State Department in Washington, U.S., May 6, 2020. REUTERS/Kevin Lamarque/Pool/File Photo

(Reuters) - Chipmaker Taiwan Semiconductor Manufacturing Co’s (2330.TW) $12 billion investment in the United States will increase U.S. economic independence from China, Secretary of State Mike Pompeo said in a statement early on Friday.

TSMC, a major supplier to Apple Inc (AAPL.O), announced on Friday it will build a $12 billion chip factory in Arizona, in what the company called a “strong partnership” with the U.S. government. Pompeo said the investment will strengthen U.S.-Taiwan ties.

“TSMC’s announcement comes at a critical juncture, when China is competing to dominate cutting-edge technology and control critical industries. The TSMC facility in Arizona will increase U.S. economic independence”, Pompeo said on Friday.

Reporting by Kanishka Singh in Bengaluru; Editing by Shri Navaratnam

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