US Treasury Secretary Scott Bessent identified Taiwan's overwhelming control of advanced semiconductor production as the gravest danger facing the global economy, warning Tuesday that any disruption would trigger catastrophic consequences.
"I would say that the single biggest threat to the world economy, the single biggest point of single failure, is that 97% of the high-end chips are made in Taiwan," Bessent told the World Economic Forum in Davos, Switzerland.
He described a potential blockade or destruction of the island's manufacturing capacity as an "economic apocalypse," emphasizing Washington's efforts to relocate semiconductor production to American soil.
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"I would say that the single biggest threat to the world economy, the single biggest point of single failure, is that 97% of the high-end chips are made in Taiwan," Bessent told the World Economic Forum in Davos, Switzerland.
He described a potential blockade or destruction of the island's manufacturing capacity as an "economic apocalypse," emphasizing Washington's efforts to relocate semiconductor production to American soil.
Taiwan chip dominance 'biggest threat to world economy,' says US Treasury chief
Scott Bessent warns semiconductor concentration creates apocalyptic risk, announces plans for critical minerals alliance - Anadolu Ajansı
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