U.S. Commerce Dept. pressing Taiwan to supply more chips to U.S. automakers

By Reuters8 days ago

By David Lawder and David Shepardson

WASHINGTON, May 4 (Reuters) - The U.S. Commerce Department is pressing Taiwan Semiconductor Manufacturing Co Ltd 2330.TW and other Taiwanese firms to prioritize the needs of U.S. automakers to ease chip shortages in the near term, Commerce Secretary Gina Raimondo said on Tuesday.

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Raimondo told a Council of the Americas event that longer term, increased investment was needed to produce more semi-conductors in the United States and that other critical supply chains neededre-shoring, including to allied countries.

We're working hard to see if we can get the Taiwanese and TSMC, which is a big company there, to, you know, prioritize the needs of our auto companies since there's so many American jobs on the line, Raimondo said in response to a question from a General Motors Co GM.N executive. As I said, there's not a day goes by that we don't push on that.

Raimondo added that the medium- and long-term solution, though, is like very simply making more chips in America.

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