TSMC’s annual report doubles as a history of the tariff war
The world’s chip factory filed its Form 20-F in April. Its risk section carries the sequence in one place: emergency-powers tariffs struck down in February, a 25 percent semiconductor proclamation in force since January, and an answer measured in Arizona construction dollars.
The document
TSMC filed its annual report for 2025, on Form 20-F, on April 16, 2026. As a foreign private issuer it reports once a year, so this one document carries what a US filer would spread across four.
The tariff sequence, as the filing tells it
The risk section records the sequence in one place: tariffs imposed under emergency economic powers were struck down by the US Supreme Court in February 2026, while a separate proclamation under Section 232 put a 25 percent tariff on certain imported semiconductors from January 15, 2026, with exemptions that today cover data-center and consumer-electronics uses. The company’s own first-listed risk is a global systemic crisis; the trade measures are named right behind it.
The company’s answer
Construction. In July it raised its 2026 capital-spending growth outlook and pledged a further $100 billion of Arizona building on top of $165 billion already announced. Its 2-nanometer technology entered volume production in 2025, by its own account.
NVIDIA is tagged adjacent here: it is not named in these documents, and its data-center processors are built in Taiwan and imported, which is the path by which the tariff regime reaches it.
What is registered
Registered on the company page · graded when the filing lands
- Factory and equipment spending in the next annual filing is above FY2024’s $29.2 billion.Graded: next annual report, Form 20-F80%
- US property, plant and equipment is a larger share of the total in the next annual filing.Graded: next Form 20-F85%
Sources
Companies in this story
Research, not advice. Every figure above names the source it comes from.