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Stuart Varney on Pelosi's Taiwan visit: Biden must deal with the aftermath

FOX Business' Stuart Varney discusses the aftermath of Pelosi's Asia trip and the fate of the chip industry as China ramps up 'extreme intimidation' against Taiwan.

"Varney & Co." host Stuart Varney discussed the importance of Biden's leadership following House Speaker Pelosi's Taiwan visit, arguing the president "can't afford to look weak" as U.S.-China tensions remain high.

STUART VARNEY: Speaker Pelosi was in Taiwan for just 19 hours, but she set off a crisis that’s only just beginning.

A weakened President Biden now has to deal with it.

The Chinese military has established six live-fire zones, surrounding Taiwan.

Aggressive air and naval forces are now the closest they've ever been to the island. 

Sure looks like practice for a blockade, or even an invasion. It’s certainly extreme intimidation.

No-one knows how this thing will develop. 

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China is unwilling to back off: Xi Jinping can't afford to lose face right before the election that he hopes will make him president for life. 

And Biden can't back off either. After Afghanistan, he can't afford to look weak.

Looks like high-stakes tension that runs on and on...

But there's one thing that is happening because of the threats to Taiwan. 

The all-important chip industry is on the move.

US WARNS THAT SEMICONDUCTOR SUBSIDIES WILL NOT BE USED FOR FIRMS TO 'PAD THEIR BOTTOM LINE'

That’s an industry dominated by Taiwan semiconductor, which manufactures half of all the world's computer chips.

At her news conference, Speaker Pelosi said "significant" Taiwanese businesses "are already planning to invest in manufacturing in the United States."

It was only a 19-hour visit, but the speaker found time to meet Mark Liu, the Chairman of Taiwan semiconductor.

Good. The world can't run without Taiwan’s chips. 

It’s now Biden who has to deal with the aftermath of the Pelosi visit.

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