Shares of Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) were moving higher on Monday after Taiwanese lawmakers passed a new law that gives a big tax credit to that nation's local chipmakers.

The move was the latest step in the global semiconductors arms race, in which the U.S. and China are both taking steps to ensure that they have sufficient semiconductor supply and control of key chip technologies.

As of 10:51 a.m. ET, Taiwan Semiconductor stock was trading up by 3.7% on the news.

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Source Fool.com