Nvidia CEO says the US will take 20 years to achieve chipmaking independence from China and Taiwan, despite booming fab construction and subsidies | Tom's Hardware (tomshardware.com)

And most likely price increases will be the result for the industry and customer.

Yeah, this simply cannot happen overnight.  Intel broke ground in Ohio for a chip manufacturing facility in 2022.  If everything goes right, they expect production to begin in 2025.  That's one facility and it is being bolstered by a lot of taxpayer money.  It will take a lot more than one facility to get the majority of chip production out of Taiwan and China.  If the west can stay focused and committed, maybe 10 years, not more than 20.  If the west does not stay focused on this effort or decides that Chinese and Taiwanese chip manufacturing is just too easy and cheap, then it will not happen and at some point we will repeat the shortages of 2020-22.

I can understand leaving China, but why Taiwan? China might be making loud noises, and sabre rattling  about the "South China Sea", but an invasion would very likely not go to China's plan. 

TSMC has already stated that the cost of production will be higher due labour and imported materials and will have been passed on to the customer.