Taiwan Semiconductor Manufacturing faces further controls on its business with China but looks to be making progress on U.S. chip production.

Taiwan has officially placed two of China’s most prominent technology firms, Huawei and Semiconductor Manufacturing International Corporation (SMIC) on its strategic export control list.

Huawei, which is at the centre of China's AI ambitions, is on a U.S. Commerce Department trade list that essentially bars it from receiving U.S. goods and technology, as well as foreign-made goods such as chips from companies like TSMC made with U.S. technology.