Depends on your context. The US is more or less forcing (via political & economic pressure) TSMC to build inside the US. If anything were to happen in terms of national security (with regard primarily to China invading Taiwan), the US can stand up a US-TSMC entity in collaboration with TSMC Taiwan (or without them entirely), declare the Taiwan entity void as far as the US is concerned, claim all the assets globally as being owned by the US entity and go right on about its business. And it doesn't matter whether anyone else likes it or not, given the context that will be unfolding at that time. Ideally also shift all critical IP and talent out of Taiwan and into the US, to the extent possible, while the chaos is unfolding. It'd just be a new Operation Paperclip.

If TSMC actually goes forward with its plans to build inside the US to the extent it's supposed to, it's no longer fully a foreigner player. Realistically it's a hybridization of TSMC for what-if scenarios. Once they do it, the US will not let them return to the way things were before.