Taiwan President Lai Ching-te and the CEO of Taiwan's largest chipmaker on Thursday held a joint news conference defending TSMC's decision to invest $100 billion in the U.S., saying that it stemmed from customer demand and not out of pressure from the Trump administration.

The Taiwanese chip giant TSMC’s plan to invest $100 billion in the United States has been met with anxiety and criticism in its home country.

Taiwanese semiconductor giant TSMC, the world’s largest chip manufacturer, has announced a massive $100 billion investment in the United States. The funding will be used to construct five new semiconductor fabrication plants as part of a strategic effort to reduce America’s reliance on Asian-based chip production.