US President Donald Trump, now back in the White House, has once again set his sights on TSMC. Previously, his administration championed the semiconductor supply chain crisis as a national security issue, urging the Taiwanese chip giant to establish manufacturing in the US. Now, the stakes have risen—Trump is threatening to freeze CHIPS Act subsidies, impose new semiconductor taxes, and, in an even more audacious move, reportedly demand that TSMC step in to save Intel.