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.

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.