Market Conditions Before and After Trump's Election

The election of Donald Trump as the new U.S. President, who is expected to return to power in January 2025, and with his experience and absolute majority in Congress, is bound to have a greater impact on Taiwan's industry than it did in 2016. During the election process in the past few months, Trump made a lot of seemingly jocular but radical remarks about Taiwan or TSMC, repeatedly mentioning that Taiwan should charge Taiwan protection fees for stealing the U.S. chip business; advocating high tariffs to prompt chip makers to invest in the U.S.; and even going so far as to cancel the Chip Grants Act, which is still mainly centered around strengthening the advanced manufacturing process of chips in the U.S. mainland. After the election results were confirmed, the Dow Jones and the S&P continued to reach new highs, but Taiwan's technology stocks or TSMC and other stocks that mainly support the development of the U.S. technology industry have been experiencing headwinds from time to time. A few weeks ago, Reuters reported that the U.S. Department of Commerce ordered TSMC to stop supplying seven-nanometer chips to Chinese customers starting Nov. 11 because TSMC's seven-nanometer chips were found in Huawei's chip products, and also asked the U.S. Department of Commerce to stop supplying seven-nanometer chips to Chinese customers, and also asked the U.S. Department of Commerce to stop supplying seven-nanometer chips to Chinese customers.