Founder of Taiwan's TSMC says US economy hinges on presidential election

Morris Chang predicts economic rebound in 2021, refuses to comment on APEC speculations

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TSMC founder Morris Chang interviewed by media. 

TSMC founder Morris Chang interviewed by media.  (CNA photo)

TAIPEI (Taiwan News) — Morris Chang (張忠謀), founder and former CEO of Taiwan Semiconductor Manufacturing Company (TSMC), said Saturday (Oct. 3) that the upcoming U.S. presidential election will have a major impact on American financial markets.

While attending his wife Sophie Chang's (張淑芬) solo exhibition at the Tainan Art Museum, Chang explained that U.S. President Donald Trump's diagnosis of COVID-19 may have temporary effects on the stock market, but American economic performance will hugely depend on the results of the presidential election in November. He added that although the global economy has been hit hard by the pandemic, an economic rebound will most likely occur next year.

In response to public speculations about his desire to represent Taiwan in future Asia-Pacific Economic Cooperation (APEC) meetings, Chang said he will not answer any hypothetical questions. However, he revealed that he has not received an official invitation from the Presidential Office, reported UDN.

The 89-year-old Chang was tasked with being Taiwan's special envoy at APEC for the last two years by President Tsai Ing-wen (蔡英文), shortly after he retired as TSMC chairman. Tsai has described him as the best choice to represent Taiwan at APEC summits since he is highly respected in the international industrial community.