Taiwanese chipmakers got a reprieve from a scare that turned out to be a misreading — Trump was talking about the past, not announcing new tariffs.

• Trump told a Texas campaign crowd that past US presidents should have slapped 50%, 100%, or 200% tariffs on Taiwan chips to stop the industry leaving America.
• Taiwan media read that as a warning of new tariffs coming; semiconductor analyst Dan Nystedt said the numbers were rhetorical, about what should have been done years ago.
• The remarks were tied to Intel, which Trump described as lost and struggling before it came to him for help.
• Trump said the price of that help was handing the US government a 10% stake in Intel, and that CEO Lip-Bu Tan agreed on the spot.

Outlook: No new chip tariff is on the table right now, but Taiwan's chip sector stays exposed to headline risk every time Trump talks trade.