WASHINGTON—The global computer chip shortage has boosted the economic and strategic importance of Taiwan, which is home to some of the world’s largest and most advanced chip foundries. With the increased Chinese aggression against Taiwan in recent months, the island’s independence and democracy have never been so important to Western countries. Taiwan is now the “most dangerous place on earth,” according to The Economist magazine, due to concerns that Chinese communist regime may soon launch a military invasion of the island. Besides political and national security implications, such a scenario would inflict economic pain on many countries, including the United States. It would cause severe supply chain shocks across multiple industries that heavily rely on Taiwanese chips. People don’t really grasp the implications of Chinese control over Taiwan, according to Rupert Hammond-Chambers, president of the U.S.-Taiwan Business Council. Speaking at a virtual panel hosted by the Global Taiwan Institute on May 19, he said an invasion would …