Trump on April 2 stunned the world with massive tariffs that he said would prevent countries like China from “ripping off” the U.S. Chinese leader Xi Jinping ditched official caution and issued a patriotic message casting doubt on whether American voters could bear as much hardship as the Chinese.

But shares in TSMC, the world's largest contract chipmaker have slipped, after US President Donald Trump said he would announce a tariff rate on imported semiconductors over the next week. He did add however, that there would be flexibility on some companies in the sector.

President Donald Trump's administration granted exclusions from steep reciprocal tariffs to smartphones, computers and some other electronics imported largely from China, providing a big break to tech companies like Apple that rely on imported products.