Taiwan Stocks Tumble Amid New U.S. Tariffs

Taiwan's stocks dipped nearly 10% following the U.S. imposition of new import tariffs, marking their largest one-day drop in decades. President Lai Ching-te pledged a 'golden age' of shared prosperity with the U.S. Taiwan introduced an $88 billion aid package to counteract the economic impacts.

Taiwanese stocks nosedived almost 10% on Monday, marking their largest single-day percentage drop since at least 1990, following new import tariffs imposed by the United States. The plunge brought Taiwan's benchmark index to its lowest point in over a year, according to LSEG data.

In response to the economic repercussions of the tariffs, Taiwan announced a T$88 billion support package aimed at helping companies affected. President Lai Ching-te vowed to usher in a 'golden age' of shared prosperity with the U.S. through increased imports and investments.

Major Taiwanese companies like TSMC and Foxconn saw near 10% declines, triggering the market's circuit breaker. Financial regulators imposed temporary curbs on short-selling, with further measures anticipated to combat market instability. Goldman Sachs downgraded Taiwan, citing high exposure to U.S. exports.

(With inputs from agencies.)