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Former President Donald Trump expressed his frustration with Taiwan over the weekend during an appearance on The Joe Rogan Experience podcast, accusing the country of "stealing" the U.S. chip industry. Trump criticized the U.S. CHIPS Act and announced that if elected, he would impose tariffs on Taiwanese chip imports. These tariffs would affect Taiwan Semiconductor Manufacturing Company (TSMC), the global leader in chip production, whose clients include Nvidia and Apple.Following his remarks, shares of TSMC dropped 4.3% on Monday.“Taiwan stole our chip business, and now they want protection,” Trump said on the podcast, which was released on Saturday.TSMC manufactures chips for major companies like Amazon, Google, and Microsoft, which all rely on its advanced production capabilities. UBS analysts estimate that more than 90% of the world’s advanced chips are made by TSMC. Although competitors like Intel and Samsung are trying to catch up, they have faced numerous challenges.Amid growing concerns over Taiwan’s geopolitical tensions, particularly the risk of a Chinese invasion, pressure has mounted for U.S. companies to establish alternatives to TSMC domestically.Intel, a major beneficiary of the CHIPS Act, has experienced significant setbacks in its efforts to build leading-edge infrastructure in the U.S. "From a policy standpoint, it shouldn't matter who builds the infrastructure as long as it's built here," said Bernstein analyst Stacy Rasgon, speaking to CNBC. Rasgon also dismissed Trump’s claim that Taiwan had stolen the U.S. chip industry as "ridiculous."TSMC is set to receive nearly $7 billion from the U.S. Commerce Department under the CHIPS Act to build a factory in Arizona. During the company’s recent earnings call, CEO C.C. Wei noted that the Arizona plant is making progress, with production volumes expected to ramp up by 2025.However, the U.S. Commerce Department has not yet allocated funds to TSMC or other major semiconductor companies. These funds are expected to be distributed by the end of the year, pending the achievement of key milestones.Trump also argued that foreign companies shouldn’t be allowed to use U.S. government funds. “The chip deal is terrible,” he said. “We’re giving billions of dollars to rich companies to come in, borrow money, and build chip plants here. And they’re not even going to give us the best companies.”