Taiwan's stock market plunged nearly 10% on Monday, its steepest single-day decline ever, following U.S. announcement of a 32% import duty on goods from Taiwan, as well as Trump's intention to apply tariffs on chips. The slide was fueled by investor panic and heavy selling of major high-tech firms, including TSMC and Foxconn, Reuters reports.
Losses of TSMC and Foxconn highlight how deeply Taiwan's economy is tied to technology and global exports. The collapse followed a new round of U.S. duties, including a 32% charge on goods from Taiwan. TSMC and Foxconn were hit especially hard: Both saw share prices drop close to the daily 10% limit, triggering automatic halts.
