Taiwan Semiconductor Manufacturing Co., the world’s largest contract manufacturer of silicon chips, said Friday it would spend $12 billion to build a chip factory in Arizona, as U.S. concerns grow about dependence on Asia for the critical technology.

TSMC said the project, disclosed earlier Thursday by The Wall Street Journal, has the support of the federal government and the state of Arizona. It comes as the Trump administration has sought to jump-start development of new chip factories in the U.S. due to rising fears about…

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