Taiwan shares close slightly up amid China import bans

2022-08-03

Shares for several Taiwanese food companies fell by 3% to 5% on Wednesday, after China imposed an import ban on their products. The companies affected include AGV Products Corporation, Hunya Foods and Taisun Enterprise. The sanctions came just before the Taiwan visit by U.S. House Speaker Nancy Pelosi, and Taiwan officials have said they believe the bans are politically motivated. Let’s hear from an analyst.

David Chu
Analyst
The shares of several of the affected food companies were impacted. I think that the market has slowly become accustomed to saber-rattling. We’ve seen military planes approach over and over again, and the market stays pretty much unaffected. But now everyone is more worried, as the sanctions could affect company profits.

Taiwan shares hit a low point of 14,673 points during intraday trading on Wednesday, but gains in the tech sector countered the fall. TSMC shares went up NT$9 to finish above NT$500, with other tech stocks such as United Microelectronics, MediaTek and Largan Precision also making gains. The market ended closing up slightly by 29 points, at 14,777. Turnover stood at a reduced NT$174.8 billion, with institutional investors selling a net NT$6.249 billion.

中國禁台食品廠輸入泰山.愛之味早盤跌逾5%

2022-08-03

美國眾議院議長裴洛西訪台，加入台海緊張情勢，尤其台灣食品公司遭中國制裁，讓愛之味、宏亞、泰山等相關個股，跌幅落在3到5%之間。

[[投顧董事長儲祥生]]
“有些被點名到的有些相關的食品公司，股價多少受到一些影響，文攻武嚇我覺得整個金融市場，慢慢已經能夠適應了，你看過去飛機飛來飛去，大家都沒有什麼影響，真的怕是影響到企業獲利的制裁措施，大家比較擔心這一塊”

台股開盤雖然小漲10點，不過最低下跌74點，來到14673點，最後收漲29點，落在14777點，成交值萎縮到1748億，三大法人賣超62.49億元，其中台積電上漲9元，重回500元關卡，發揮穩盤作用，聯電、聯發科、大立光等，也同步走揚，成為盤勢止跌回升的關鍵。

President Tsai Ing-wen confers US House Speaker Pelosi with first-class civilian order

A historic moment for Taiwan. President Tsai Ing-wen on Wednesday morning received a delegation led by U.S. House Speaker Nancy Pelosi, who is the highest-raking U.S. official to visit Taiwan in 25 years. Pelosi was conferred with the highest civilian order awarded in Taiwan, the Order of Propitious Clouds with Special Grand Cordon for her contributions to Taiwan-U.S. ties. President Tsai thanked Pelosi for her staunch support of Taiwan, saying that Taiwan was committed to maintaining peace and stability in the Taiwan Strait. In response, Pelosi said that the message of her visit is " America’s solidarity with Taiwan" and that the U.S. will always stand by Taiwan.

President Tsai Ing-wen on Wednesday morning received U.S. House Speaker Nancy Pelosi at the Presidential Office. After an introduction of the members of Pelosi’s delegation, Tsai conferred on her the Order of Propitious Clouds with Special Grand Cordon, to honor and recognize Pelosi’s unwavering support for Taiwan and contributions to Taiwan-U.S. relations.

Pelosi received the honor from President Tsai herself, who commended the speaker for supporting Taiwan with concrete action.

Tsai Ing-wen
President
We are truly grateful to you for making this visit to Taiwan to showcase the U.S. Congress’s staunch support for Taiwan. Aggressions against democratic Taiwan would have a tremendous impact on the security of the entire Indo-Pacific. Facing deliberately heightened military threats, Taiwan will not back down. We will firmly uphold our nation’s sovereignty and continue to hold the line of defense for democracy. We will do whatever it takes to strengthen Taiwan’s self-defense capability. Taiwan is committed to maintaining peace and stability in the Taiwan Strait, and we will make Taiwan a key stabilizing force for regional security.

President Tsai thanked the U.S. Congress for its staunch support for democratic Taiwan. Speaker Pelosi reiterated that her delegation’s visit to Taiwan was to showcase solidarity between the U.S. and Taiwan.

Nancy Pelosi
US House speaker
I think it’s important to remind some and inform others of how we are here. Forty-three years ago, with the Taiwan Relations Act, America made a bedrock promise to always stand with Taiwan. On this strong foundation, we have built a thriving partnership grounded in our shared values of self-government and self-determination, focused on our mutual security interest in the region and across the world, even in terms of the challenges that we face. And now, more than ever, America’s solidarity with Taiwan is crucial, and that is the message we are bringing here.

After the ceremony, the two parties held a meeting behind closed doors lasting 30 minutes. Speaker Pelosi is the highest ranking U.S. official to visit Taiwan in 25 years, marking a diplomatic milestone for Taiwan. The visit is seen as a signal of the deep friendship between Taiwan and the U.S. and the joint actions to counter China’s authoritarianism.

2022-08-03

Pelosi visits Legislative Yuan, calls Taiwan ‘one of freest societies in the world’

Before Pelosi and her delegation visited President Tsai, the first stop in her itinerary was the Legislative Yuan. The Americans were received by Deputy Speaker Tsai Chi-chang, who commended U.S. House Speaker Pelosi for being an unwavering ally for Taiwan. Pelosi said that to be called a good friend of Taiwan was a great compliment that she accepted on behalf of the U.S. Congress. Pelosi stressed that the U.S. would never back away from Taiwan, adding that Taiwan was one of the freest societies in the world.

The delegation led by U.S. House Speaker Nancy Pelosi visited the Legislative Yuan on Wednesday morning. Speaker You Si-kun was unable to attend the occasion, as he is in isolation after testing positive for COVID. The delegation was instead received by Deputy Speaker Tsai Chi-chang.

The caucus whips from several parties and members from the Foreign and National Defense Committee escorted Pelosi to the meeting room.

Tsai Chi-chang
Deputy legislative speaker
I want to take this opportunity to express my heartfelt appreciation to the U.S. Congress for your concrete action in providing rock-solid support for Taiwan. Speaker Pelosi is Taiwan’s true friend, and Taiwan is the U.S.’ reliable ally. Taiwan will stand by its commitment to defend democracy, freedom and human rights together with the U.S. and global democratic allies to safeguard their hard-earned democratic and free way of life.

Nancy Pelosi
US House speaker
All of that was done in a very strong bipartisan way in support for Taiwan. When you say that I’m a good friend of Taiwan, I take that as a great compliment. But I receive it on behalf of my colleagues. In terms of governance we commend Taiwan for being one of the freest societies in the world, for your success in addressing the COVID issue, which is a health and security issue, an economic issue, and a governance issue.

Deputy Speaker Tsai praised Pelosi’s actions to defend democracy. After the reception, Pelosi joined Tsai, KMT caucus whip Tseng Ming-chung, DPP caucus whip Ker Chien-ming, Taiwan People’s Party caucus whip Chiu Chen-yuan and New Power Party caucus whip Chiu Hsien-chih for closed-door talks lasting about half an hour.

Tseng Ming-chung
KMT legislative caucus whip
The KMT and all other parties hope to strengthen our cooperation on trade and supply chains, especially in integrated-circuit manufacturing. TSMC is the best at integrated circuits. Every party hopes to strengthen bilateral cooperation on this matter.

Ker Chien-ming
DPP legislative caucus whip
I need only four words to describe Speaker Pelosi: “courageous and fearless woman.” Her support for her ideals and values has always been consistent, and has been unwavering. That is an extremely important trait to have.

During a press conference at midday, reporters asked Pelosi whether more high-ranking officials would visit Taiwan in the future. She was also asked about her thoughts on China’s response to her visit, such as the military drills and the suspension of Taiwanese food imports. Pelosi replied with good humor, stressing that safeguarding Taiwan’s security was an important task.

Nancy Pelosi
US House speaker
They made a big fuss because I’m speaker, I guess. I don’t know if that was a reason or an excuse, because they didn’t say anything when the men came. In terms of our visit here, and whether would that lead to other visits – I certainly hope so. What matters to us is that we salute the successes of Taiwan, we work together for the security of Taiwan.

One day before Pelosi’s visit, China suspended imports of thousands of Taiwanese food products, affecting more than 100 Taiwanese companies. One reporter asked Pelosi whether her visit would bring any tangible benefits that could offset those economic losses. She replied that the U.S. had recently passed the Chips and Science Act, which could give rise to better bilateral economic exchanges.

Nancy Pelosi
US House speaker
We want to increase our relationship, so I think we could say that that would be a goal we share, but with this CHIPS act, we’re really facilitating, reaching that goal. Chips and science

Another reporter asked Pelosi about what other countries could do as they are forced to choose between authoritarianism and democracy with China’s economic rise. Pelosi said that Taiwan’s people were an example to follow on how to make their country more democratic.

Nancy Pelosi
US House speaker
We have to show the world the success of the people of Taiwan. Their courage to change their own country to become more democratic. We want Taiwan to always have freedom and security, and we are not backing away.

Pelosi said that she deeply respected Taiwan as a model for democracy and freedom in the region. She added that the U.S. wanted Taiwan to always have freedom and security, stressing that Washington would never back away from that.

2022-08-03

Pelosi meets with prominent human rights activists

2022-08-03

Both major US parties voice support for Pelosi’s Taiwan visit

Meanwhile, across the Pacific in the U.S., 26 officials from the Republican Party have signed a joint statement to show their support of the Taiwan visit by U.S. House Speaker Nancy Pelosi, who is a Democrat. It’s a rare instance of bipartisan unity in the U.S. And more agreement on Taiwan could be soon to come as the Senate Foreign Relations Committee is scheduled to review the Taiwan Policy Act of 2022 on Wednesday. The bill, which would comprehensively overhaul the Taiwan Relations Act, proposes authorizing US$4.5 billion in Foreign Military Financing for Taiwan, as well as formally designating Taiwan as a major non-NATO ally.

The delegation of U.S. House Speaker Nancy Pelosi includes five House Representatives from the Democratic Party. Over in the U.S., officials from the Republican Party have released a statement in support of Pelosi’s Taiwan visit.

Mitch McConnell
US Senate minority leader (Republican Party)
I think it’s important for us to stand up for a democratic island, and we know what the Chinese would like to do to Taiwan, just exactly what they did to Hong Kong. So I approve of her trip. I think she did the right thing.

Led by Senate Minority Leader Mitch McConnell, a total of 26 Republican senators released a joint statement supporting the trip. It’s a rare show of agreement amid the intense confrontations between the two U.S. parties.

Roy Blunt
US senator (Republican Party)
I’m about to use four words in a row that I haven’t used in this way before. And those four words are: “Speaker Pelosi was right.”

Even House member Joe Manchin from the Democratic Party, who’s previously had disputes with Pelosi, now says he fully supports her move.

Joe Manchin
US congressperson (Democratic Party)
I think it’s great. And I’ll tell you the reason why I think it’s great. We’ve all been to Taiwan and we should go.

Mark Warner
US senator (Democratic Party)
If she had backed off, that would’ve simply encouraged the Communist Party of China and Xi Jinping’s leadership to claim a great victory.

Tensions in the Taiwan Strait are rising. The U.S. Senate’s Foreign Relations Committee is set to review the Taiwan Policy Act of 2022 on Wednesday. The
act was introduced by Committee Chairman Bob Menendez from the Democratic Party and Senator Lindsey Graham from the Republican Party. In their introductory announcement, they said the act represents the most comprehensive restructuring of U.S. policy toward Taiwan since the Taiwan Relations Act of 1979. Menendez stated that the legislation would send a clear message to Beijing not to make the same mistakes with Taiwan that Russia has made in Ukraine. Among the key points in the act is bolstering the U.S.’ commitment to Taiwan’s security by designating it as a major non-NATO ally.

Mitch McConnell
US Senate minority leader (Republican Party)
Not only our strategic competition with China but also providing appropriate weapons to the Taiwanese to defend themselves.

Among other provisions, the act proposes authorizing US$4.5 billion over four years in Foreign Military Financing for Taiwan, prioritizing Taiwan’s requests for assistance and creating a comprehensive training program to improve Taiwan’s defense. The act shows that over in Washington, support for Taiwan does not just end at words.

2022-08-03

China announces live-fire drills in areas as close as 20 kilometers to coast of Taiwan

China has announced plans to hold live-fire drills starting Thursday in six maritime areas near Taiwan. The announcement was made just hours after U.S. House Speaker Nancy Pelosi’s plane touched down in Taiwan. Some of the drill areas announced are less than 20 kilometers from the coast of Taiwan, and observers are calling the exercises a Fourth Taiwan Strait Crisis in the making. The Ministry of National Defense has condemned the drills, saying that Taiwan’s military will be fully ready for any developments.

Three Indigenous Defense Fighters take off in succession from Tainan, sending a sonic boom through the skies. Since Wednesday early morning, Taiwan’s military mobilized aircraft, vessels and vehicles from many locations around Taiwan, including Chiayi and Pingtung. Over in Hualien, 35 mm Oerlikon twin canons and AIM-7 Sparrow missiles made a rare appearance.

A ground-based air-surveillance radar keeps an eye on any movements by enemy troops, as the Army’s AH-1 attack helicopters take flight off Pintung’s Dapeng Bay. Over in Kaohsiung, La Fayette-class frigates are ready for action at Zuoying Harbor. All three military branches have coming together in response to China’s military threats.

Since House Speaker Nancy Pelosi’s arrival late Tuesday evening, Chinese state media outlets have published reports that the PLA is assembling troops. On Wednesday, Chinese state media announced live-fire military drills in six maritime areas encircling Taiwan from Aug. 4 to Aug. 7.

Gu Zhong
PLA Eastern Theater Command
The joint military exercise this time is targeted at the U.S. and Taiwan authorities for their dangerous actions regarding the Taiwan issue out of necessity.

Yu Chiang-chang
Ministry of National Defense
It covers part of our nation’s territorial waters, and severely undermines Taiwan’s sovereignty over its territory and territorial waters. It is in violation of the United Nations Convention on the Law of the Sea and other related agreements. We strongly condemn the PLA’s actions.

The Ministry of National Defense said that the PLA’s military drills are effectively aimed at blockading Taiwan. It also published a video showcasing the military’s resolution in defending the nation. It’s not the first time that China announces drills like these. During the Third Taiwan Strait Crisis in 1995 and 1996, the PLA held drills in many areas near Taiwan. But back then, firing drills with empty missiles were held only in one area near Taiwan. Now, out of the six planned live-fire sites, three are just kilometers from Taiwan’s shore.

Chang Yen-ting
Military expert
During the 1996 Taiwan Strait Crisis, the PLA only launched guided missiles, and the guided missiles were all empty. But this time, the PLA has already planned out the sites where it will conduct drills for as long as three days, and they’re live-fire drills. They did announce that, and it poses a great threat.

The expert warned the Taiwanese not to take the drills lightly as China had already caused three Taiwan Strait crises previously. The first one was in 1954 when Taiwan and the U.S. signed the Sino-American Mutual Defense Treaty. The second, in 1958 when the PLA began shelling Kinmen and Matsu on Aug. 23. And the third taking place from 1995 to 1996 when then-President Lee Teng-hui visited the U.S. on two occasions. This set of drills is being seen by some as Fourth Taiwan Strait Crisis in the making, in response to Pelosi’s visit.

Wang Ting-yu
DPP lawmaker
It’s for China to save face domestically, and to make up for its complete diplomatic failure with Taiwan and the U.S. They need an outlet for all that pressure.

The DPP lawmaker said China is only launching the military drills as a desperate attempt to hold onto power.

2022-08-03

China slaps more import bans of Taiwanese citrus fruits and two types of fish

2022-08-03

Bag designer donates his designs to community center in Taitung village

2022-08-03

Taiwan shares close slightly up amid China import bans