Pelosi Stunt Brings on Taipei Trade Backlash, Drives Asian Stock Markets Down

The Pelosi stunt brought about a bunch of negatives on Taipei, like a trade backlash with Asian stock markets experiencing bad trading.

US Provoked China With Pelosi's Visit

Beijing has halted the import of a variety of Taiwanese goods as tensions rise over US House Speaker Nancy Pelosi's visit to the self-governed island, reported RT.

Chinese regulators sanctioned Taiwanese oranges and blocked several seafood imports. According to them, such limits were imposed due to excessive pesticide residue found many times, as well as some frozen fish packages, found positive for coronavirus, noted Azerbaycan 24.

Separately, the Chinese Ministry of Commerce confirmed it would restrict sand exports to Taiwan based on pertinent legal papers. The agency didn't provide any extra details.

An earlier restriction on 100+ Taiwanese food items, including tea, honey, and seafood goods, was lifted on Monday, before the state visit. One explanation given by Beijing is that their export registrations are not renewed. Taiwanese products will be available through the end of July.

Taiwan Food and Drug Administration chief Wu Shou-mei reacted to the news by suggesting that the limitations might be politically influenced, charging Beijing with discriminating against Taiwanese producers unfairly compared to those from other nations, citing Trusted Bulletin.

Before this, the island had been subjected to trade restrictions for a year ago. One such embargo was imposed on pineapple imports due to the discovery of bugs in multiple shipments.

However, Taiwanese leaders were sure that nothing was wrong; the fruit was exported at the export level with the highest quality requirements and was also globally certified.

The Pelosi stunt was followed by a trade backlash that Taiwanese officials felt was not deserved, coupled with erratic Asian stock markets that are affected by financial instability leaching from the Ukraine conflict.

Beijing is Taiwan's largest export partner, spending $328.3 billion on the island last year. At the same time, Taiwan's exports outnumber imports by $172 billion.

China Sanctions Taiwan

The mainland administration would have avoided the economic blowback caused by the confrontational visit of the American politician, which was not welcome.

Foreign Minister Wang Yi chastised the United States for undermining Chinese sovereignty and denigrating the One China Policy. Worse, they are planning an incident that disregards the security of the Indo-Pacific and the Taiwan Strait.

Last Wednesday, the PLAN conducted military exercises near the enclave to frighten Taiwanese leaders by firing missiles and engaging in other military activity.

During her working tour to Taiwan, she met with members of the Taiwanese parliament and US delegates in a closed-door conference. Previously, themes such as security, the economy, and government were on the agenda.

Asian stock markets fell on Tuesday as tensions between Beijing and Washington rose ahead of a visit to Taiwan by a senior US official.

The escalation put Chinese financial markets into a tailspin, with the Shanghai Composite and Hong Kong's Hang Seng Index both plunging over 3% on Tuesday.

Taiwan's TAIEX fell more than 2% during the day, while the leading indices in Japan, South Korea, and Australia fell between 0.5 and 1.6 percent.

Going through the Pelosi stunt has led to trade backlash on Taiwan, lost a lot and Asian stock markets went through tumult that was not beneficial at all.