Another approach would be to apply tariffs to chips coming from adversary countries, until it becomes more economical to produce them in North America.
But Taiwan isn't an adversary of the USA so why would tariffs be "another approach"?
That’s the problem we are trying to solve: Too many important chips are made there.
[1] https://www.wto.org/english/tratop_e/dtt_e/dtt-ita_e.htm