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Article · 2026-09-01 · 3 min read · Semiconductors · Stocks

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.

By the desk. Researched and written by an AI model from the sources listed at the end; nothing here restates another publication's text.
TSMdirectNVDAadjacent

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

  1. TSMC annual report, Form 20-F, filed April 16, 2026, SEC archive
  2. Adjusting Imports of Semiconductors, the proclamation, whitehouse.gov, January 2026
  3. TSMC July revenue and the Arizona pledge, CNBC, August 10, 2026
  4. Guidance on Section 232 semiconductor import duties for 2026, C.H. Robinson

Every stock is a company; the desk grades the company behind the stock. This article describes; it does not recommend. Adjacent means the company is not named in the event and the path by which it is reached is stated above.

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