TAIPEI, Taiwan — Taiwan’s president and top chipmaker TSMC held a joint news conference Thursday to defend the company’s decision to invest $100 billion more in the U.S., saying it stemmed from customer demand and not pressure from the Trump administration.

Taiwan Semiconductor Manufacturing Co., the world’s largest chipmaker, said this week it would invest $100 billion in three more chip manufacturing plants, along with two packaging facilities in Arizona. Monday’s announcement is on top of the $65 billion already invested in the U.S.

The decision sparked concerns that Taiwan would gain little in return for moving some of its most advanced manufacturing processes to the U.S.

Taiwan President Lai Ching-te denied that TSMC’s investment decision was due to political pressure by the United States. President Donald Trump had previously said that Taiwan had taken away the U.S. chip business and that he wanted it back.

“TSMC’s decision is necessary for its future development. The government did not face pressure from the United States during TSMC’s investment process in the U.S.,” Lai said Thursday.

TSMC CEO C.C. Wei said that he had spoken with the firm’s customers and realized that TSMC’s current expansion plans in the U.S. were insufficient to meet current demand. “Customer demand has been steadily increasing. For TSMC, our investment plans are based on customer needs, and we are very cautious,” Wei said, adding: “The amount of investment in the U.S. may seem large, but it is still not enough to meet demand.”

He also said development in the U.S. would not affect TSMC’s plans in Taiwan.