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Globe and Mail
15 hours ago
- Globe and Mail
Taiwan Semiconductor Just Threw Cold Water on Tariff Concerns
Key Points Taiwan Semiconductor's products remain in high demand among end users. TSMC is building plants in the U.S. to avoid tariffs. 10 stocks we like better than Taiwan Semiconductor Manufacturing › Tariff effects are still front and center in many investors' minds. As we approach Aug. 1, the date when many reciprocal tariffs take effect, the entire economic landscape could shift. Although deals are being announced, many questions remain regarding their impact. However, there is one company that stands out by saying it hasn't seen any effect: Taiwan Semiconductor (NYSE: TSM). Taiwan Semiconductor's CEO C.C. Wei stated on its Q2 conference call that they "have not seen any change in our customers' behavior so far" regarding tariffs. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » This is a significant development for TSMC, but does it suggest that the rest of the market is overreacting to tariffs? Semiconductors aren't subject to reciprocal tariffs There are a few key points to understand regarding tariffs and semiconductors. First, semiconductors are currently exempt from all reciprocal tariffs. Additionally, they're excluded from the base 10% blanket tariff. However, that could shift as the Aug. 1 reciprocal tariff date arrives. If those tariffs are implemented, other goods could be subject to higher tariff rates than semiconductors. This means investors need to be cautious about drawing conclusions about how tariffs are being applied to one industry versus another. Still, it shows that the end users of products with their chips in them aren't slowing down purchases. A second critical factor is Taiwan Semiconductor's unique position within the chip industry. There aren't many choices when it comes to chip foundries with high-end technology. Intel (NASDAQ: INTC) has failed to launch many of the cutting-edge chip nodes, and low chip yields have plagued Samsung. This leaves TSMC at the top of the high-end semiconductor fabrication pyramid, making it a critical partner for tech giants like Nvidia (NASDAQ: NVDA) and Apple (NASDAQ: AAPL). As a result, these companies are somewhat compelled to deal with the tariffs rather than seeking an alternative. But this is only temporary. TSMC is working to avoid tariffs by accelerating the build-out of its U.S. chip production facilities in Arizona. This will allow U.S. clients to avoid any tariffs on foreign goods. While Taiwan Semiconductor may not be experiencing any effects from tariffs, investors need to be cautious about drawing conclusions from its experience to the broader market. It's in a unique position that essentially requires its clients to deal with any tariff levies that come up, but it's actively working on increasing U.S. chip production capabilities to sidestep any tariffs. With TSMC's strong position, the company also becomes an intriguing stock to consider, as few companies hold a more powerful position than TSMC. Taiwan Semiconductor looks like an excellent buy at these prices Taiwan Semiconductor's bull case is fairly straightforward: Its clients will use more chips and increasingly advanced chips over the next few years. This seems like a no-brainer investment thesis, and management's bold five-year growth projections back it up. Starting with 2025, management projects that AI-related revenue will grow at a 45% compound annual growth rate (CAGR) over the next five years, with total revenue increasing at nearly a 20% CAGR. That's easily market-beating growth, yet Taiwan Semiconductor's stock trades at nearly a market-average forward price-to-earnings (P/E) ratio. TSM PE Ratio (Forward) data by YCharts Taiwan Semiconductor's 24 times forward earnings is nearly identical to the S&P 500 's (SNPINDEX: ^GSPC) 23.8 times forward earnings. However, with market-beating growth expected, this makes the price well worth paying, and I think Taiwan Semiconductor's stock looks like a great buy right now due to its projected growth, reasonable price, and strong position in the chip fabrication industry. Should you invest $1,000 in Taiwan Semiconductor Manufacturing right now? Before you buy stock in Taiwan Semiconductor Manufacturing, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Taiwan Semiconductor Manufacturing wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. *Stock Advisor returns as of July 21, 2025
National Post
16 hours ago
- National Post
Andrew Richter: Keeping supply management is economic suicide
Article content Thus a question worth considering is what accounts for this support. No doubt part of the explanation is the power of several key domestic interest groups. Both the Dairy Famers of Canada and the Egg Farmers of Canada spend heavily on ads promoting it, and they have succeeded in persuading many Canadians that supply management results in safer products and more consistent supply. Article content In addition, supply management has strong support from most of Canada's media. The Toronto Star and the CBC go apoplectic at the mere mention of changes to it, and the generally centrist Globe and Mail is also quite supportive, in spite of its (supposed) commitment to free markets. Only National Post offers consistent criticism. Article content And lastly, supporters have succeeded in persuading Canadians that the program's demise would decimate our dairy sector, as they argue that domestic producers could not possibly compete with larger international players. Article content That last argument is particularly questionable, as there is little reason to doubt that in the absence of state-controlled quotas and prices, Canadian dairy farmers would become more efficient and innovative. Article content Article content Indeed, a similar argument was made decades ago with regards to wine. For years Canada's wine market was carefully regulated and foreign wines were heavily tariffed. Canadian producers argued that without such taxes the industry would be destroyed, as it could not possibly compete with French, Italian, and Spanish wines. Article content In fact, the opposite occurred. With the opening of the market, Canadian producers were suddenly forced to offer a better product, and the result has been an explosion in both the number of domestic producers (now approaching 1,000) and the quality of our wines. Indeed, Canadian wines now routinely win international competitions, something that would have been unthinkable 40 or 50 years ago (when something called Baby Duck seemed to be the best we could do!). Article content In sum, the Canada-U.S. trade talks have entered their final phase. But a familiar obstacle remains. The Canadian government seems totally committed to supply management, even if this support comes at the cost of killing a potential agreement. Such an outcome would be catastrophic, as Ottawa would literally be committing economic suicide. And yet this result is very much in play, and might be unavoidable if the U.S. decides that there will be no agreement unless Canada agrees to make dramatic changes to the program. Article content
Japan Forward
17 hours ago
- Japan Forward
Redefining Omotenashi: How MOTENAS JAPAN is Shaping Japan's Luxury Tourism
More than a simple gesture of politeness, omotenashi embodies Japan's enduring tradition of selfless hospitality, one that often leaves a lasting impression on visitors from around the world. Amid a sharp rise in inbound tourism, this spirit of omotenashi is being reimagined to resonate with a new generation of Japanophiles. And among those driving this transformation is Hitoshi Aoki, founder and CEO of MOTENAS JAPAN, a startup launched in 2019. In an interview with JAPAN Forward, Aoki reflected on his entrepreneurial journey, the evolving landscape of Japanese tourism, and how his company is adapting to these changes. Excerpts from the interview follow. Inbound tourism only began to recover around 2023 following the COVID-19 pandemic. In recent years, Japan has shifted its tourism strategy from attracting 60 million annual visitors by 2030 to focusing instead on enhancing travel experiences and generating ¥15 trillion JPY ($99 billion USD) in tourism revenue. Terrace with a panoramic view of the Northern Alps at Hakuba Iwatake Mountain Resort in Hakuba, Nagano Prefecture. (Courtesy of Hakuba Iwatake Mountain Resort) The spotlight is also moving beyond the well-trodden "golden route" of Tokyo, Kyoto, Osaka, and Mt. Fuji toward regional treasures. For example, Hakuba, Niseko, and hiking routes like the Shimanami Kaido are being positioned as hubs for luxury and sustainable tourism. Still, Japan faces a delicate balancing act of scaling its tourism economy without diluting the authenticity and charm that make these destinations unique. I began my career at Reuters' Tokyo headquarters shortly after graduating from college, during Japan's bubble economy. Eager to work in an international environment, I joined the company as a systems engineer. Soon after, I was stationed in Singapore as an expatriate, working in the heart of Asia's financial district. That experience proved pivotal. It provided me with a firsthand understanding of what affluent international travelers seek when visiting foreign countries. Kaminarimon Street in Asakusa is bustling with tourists — June 27 afternoon, Taito Ward, Tokyo. (©Sankei by Rei Yamamoto) After returning to Japan, I joined Hitachi, where I was responsible for developing next-generation business initiatives. However, I soon found myself constrained by a rigid corporate culture that left little room for individual creativity. If I wanted to build something meaningful, I knew I had to venture out on my own before it was too late. From the outset, my goal was to build a business centered on inbound tourism. I first tried a B2C model, renting out rooms to travelers. Although it saw some success, the work felt unfulfilling. I also launched a sushi-making experience for tourists in Tsukiji, which proved popular but wasn't financially viable. That's when I realized I had to shift my focus to B2B and think on a larger scale. At MOTENAS JAPAN, we offer premium services tailored to major corporations and organizations that seek experiences beyond typical group tours. Our goal is to provide authentic encounters with traditional Japanese culture and hospitality that are not available through conventional tourism. Scene from Imoseyama Onna Teikin. Minami-za Theatre, Kyoto City (© Shochiku) In Kyoto's Gion district, for instance, we offer private tea ceremonies where guests don full kimonos, creating a serene and authentic introduction to Japanese hospitality. At Kabuki-za in Ginza, our guests experience live kabuki performances accompanied by English commentary, enhancing their appreciation. Across Japan, we curate over 100 unique experiences, ranging from rare sake and whiskey tastings to private gatherings at breweries, along with personalized karate and judo lessons. Traditionally, Japanese cultural events such as kabuki, sumo, and shibai have been confined to large theaters or designated venues. While these settings hold great value, they can sometimes feel distant. We specialize in crafting exclusive and immersive experiences. Take kabuki, for example. Even many Japanese find its storylines and symbolism difficult to grasp. To bridge this gap, we invite professional kabuki actors to lead private sessions where they engage directly with our guests, explain their art, and demonstrate the intricate makeup and costume process up close. Abi (right) defeats yokozuna Hoshoryu on the first day of the Spring Basho in Osaka on March 9, 2025. (©KYODO) During the 2019 Rugby World Cup, we hosted a unique event where sumo wrestlers playfully competed against international rugby players and our clients. Later that evening, those same wrestlers joined the guests on the dance floor for a lively disco party. Another example was a request from a major foreign corporation for a Bushido-themed tour. We secured exclusive access to Kuon-ji Temple and invited expert instructors to lead hands-on experiences in samurai swordsmanship, ninja skills, geisha traditions, taiko drumming, and even ascetic training. It's personal, educational, and genuinely memorable. During the COVID-19 pandemic, our inbound tourism business was severely impacted by travel restrictions and a sharp decline in tourists. Anticipating a prolonged downturn, we decided to pivot and launch an outbound venture. We currently operate two Douyin accounts, TikTok's counterpart in China. One promotes popular destinations, restaurants, and businesses in Japan that cater to foreigners, while the other integrates an e-commerce system. A sushi chef displays a fillet from a 276-kilogram bluefin tuna sold for 207 million yen (about 1.3 million USD), jointly purchased by sushi chain Onodera Group and wholesaler Yamayuki, at an Onodera restaurant following Tokyo's first tuna auction of 2025, January 5. (©REUTERS/Issei Kato) With China's e-commerce market more than ten times the size of Japan's, we provide end-to-end solutions to help clients tap into this vast opportunity, from market research to advertisement and cross-border e-commerce execution. Looking ahead, we plan to expand our presence to other countries, with Asia as our primary focus. There is no shortage of things to admire about Japan. It has a distinctive sense of beauty, rich traditional culture, stunning natural landscapes, deeply rooted social values, safety, cleanliness, and renowned omotenashi. But some of Japan's finest qualities have been rediscovered thanks to overseas engagement. Take Hakuba and Niseko, for example. Both have grown into popular destinations largely due to foreign investment, contributing to the revival of regional tourism. Developing these untapped regional gems is also a personal vision of mine. Author: Kenji Yoshida
