Biden assured China his comment on defending Taiwan wasn't a policy shift, but any change in the status quo could have repercussions on the global supply chain.
In May, President Joe Biden issued a stark warning to China: The U.S. would come to Taiwan's defense militarily if China were to invade.
Biden's warning contrasted with the U.S.' long-standing position of "strategic ambiguity" when it comes to Taiwan. That policy makes it unclear whether the U.S. would come to Taiwan's defense if China were to invade, the Brookings Institution's Michael O'Hanlon told CNBC in an interview. Taiwan accounts for 64% of the total chip foundry market, according to data from TrendForce. Taiwan Semiconductor Manufacturing Company, or TSMC, accounted for 53% of total foundry revenue in 2021, according to TrendForce.
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