Notably, the bans didn’t touch electronics. Taiwan is home to more than 90% of the manufacturing capacity for the world’s most advanced semiconductors, according to a 2021 Boston Consulting Group report.

Pelosi’s itinerary included a visit with Taiwan Semiconductor Manufacturing Company, the world’s largest and most critical chip manufacturer. Its products are an integral part of everything from consumer products to military aircraft.

But just 10% of TSMC’s revenue comes from China, according to the company. More than half of its revenue comes from the United States.

“As we speak, the status quo is that these chip companies may not be as dependent on China as the other way around,” said Patrick Chen, head of research for CLSA in Taiwan.

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