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The US Has a $1 Trillion Taiwan Chip Dilemma

The Taiwanese navy launches a US-made Standard missile from a frigate during annual drills in July.

The Taiwanese navy launches a US-made Standard missile from a frigate during annual drills in July.

Photographer: Sam Yeh/AFP/Getty Images

Russia’s war in Ukraine and President Vladimir Putin’s nuclear threats are understandably at the top of global leaders’ agenda. But concerns are also rising about the world’s other major potential flashpoint.

The US has stepped up contingency planning for a possible Chinese assault on Taiwan following Moscow’s invasion of Ukraine, according to people familiar with the Biden administration’s deliberations.