The writer is the author of ‘Chip War’ “I’m a little bit nervous,” admitted CC Wei, the CEO of Taiwanese chipmaker TSMC, taking the podium at the White House this week as he announced the largest foreign investment in American history.

U.S. tariffs on imported steel and aluminum are now in effect, part of an escalating series of trade maneuvers by President Donald Trump that have unsettled markets.

Investors will need to have a sense of the cost of Donald Trump’s tariffs before the U.S. stock market finds a bottom, Empower’s chief investment strategist said, as reflected in the modest rebound in stocks after today’s better-than-expected CPI report.