US official says Chinese seizure of TSMC in Taiwan would be 'absolutely devastating'

U.S. Commerce Secretary Gina Raimondo said Wednesday a Chinese invasion of Taiwan and seizure of chips producer TSMC would be "absolutely devastating" to the American economy.

Asked at a U.S. House hearing about the impact, Raimondo said "it would be absolutely devastating," declining to comment on how or if it will happen, adding: "Right now, the United States buys 92% of its leading edge chips from TSMC in Taiwan." She noted that TSMC has announced it will build more advanced chips in Arizona.