At the opening ceremony of TSMC’s advanced chip plant in Arizona, founder Morris Chang said globalization and free trade were “almost dead,” arguing that they still existed but had been substantially reshaped.

That shift carries particular weight because TSMC produces around 90% of the world’s most advanced semiconductors and commands up to 70% of the global contract chip-making market.

A chip shortage from 2020 to 2023 disrupted industries worldwide, driven by lockdown-era surges in electronics demand, growing geopolitical divisions and the decline of just-in-time logistics.

During the COVID-19 period, repeated supply-chain shocks hurt businesses and consumers, including by pushing up technology prices.

The article connects these disruptions to rising tensions between the United States and China, as countries seek to bring manufacturing home and organize trade around blocs rather than deepen global integration.