Donald Trump has fired the first shots in what threatens to become a devastating trade war. The US president’s tariffs on Mexico, Canada and China will deliver an immediate shock to the North American and world economies. They imperil decades of progress towards economic integration that has boosted US and global prosperity.

The market sold off this morning after President Donald Trump announced sweeping tariffs over the weekend to take effect Tuesday. The broader benchmark S&P 500 fell over 1.7%, as of 9:55 a.m. ET. Meanwhile,

Taiwan’s government will soon look at whether it needs to help its domestic industry over threats by President Donald Trump to put tariffs on semiconductors, Premier Cho Jung-tai said on Wednesday.

The island computer chip and electronics components hub is vulnerable to new import duties, so its economy ministry will advise on possible U.S. states for investment, local laws and help finding partners.

US President Trump’s tariffs on Canada and Mexico have come as a major blow to Taiwanese manufacturers that have invested in facilities in Mexico, leaving them bracing for future tariff impacts.

Semiconductor business between Taiwan and the United States is a "win-win" model for both sides given the high level of complementarity, the government said on Tuesday in response to tariff threats from U.

President Donald Trump has threatened to impose tariffs on Taiwan-made chips, which could hit Nvidia, one of TSMC's biggest customers.

The region's economic ministry said its setting up a consultation hotline and consultation services for affected firms.