TAIPEI :Taiwan stocks plummeted almost 10 per cent on Monday in their first trading since U.S. President Donald Trump announced new import tariffs last week, with the head of the island’s stock exchange saying it would roll out more stabilisation policies if needed.
After opening on Monday following a two-day market holiday on Thursday and Friday, Taiwan’s benchmark index dropped to its lowest level in more than a year.
Taiwan’s top financial regulator on Sunday announced it would impose temporary curbs lasting all this week on short-selling of shares to help deal with potential market turmoil from the tariffs.
Shares in chipmaker TSMC and electronics maker Foxconn both fell near 10 per cent, triggering the 10 per cent circuit breaker in the Taiwan market.
Speaking to reporters shortly after the market opened, Taiwan Stock Exchange Chairman Sherman Lin said it would coordinate with the financial regulator to take further stabilisation steps if needed.
The stock exchange will maintain flexibility in stabilisation measures this week to handle volatility stemming from new U.S. import tariffs, Lin added.
He said it would be hard for Taiwan to escape the market impact of the tariffs, but called on investors to have confidence in Taiwanese companies and the government.
