Deputy Foreign Minister Roy Chun Lee said Taiwan is prepared to respond to possible economic blockade by China even as he warned of the far-reaching consequences such an action would have for global trade.
Lee made the remarks during an interview April 12 in Taipei City with Jenny Leonard and Debby Wu of Bloomberg for an article and video published April 14 on the global media outlet’s website and TV channel.
According to Lee, China’s recent military exercise in airspace and waters near Taiwan is a lower-cost approach to test the reactions of both Taiwan and the international community. When considering ways to win a war without actual fighting, economic blockades are a potential option, he said.
Such action would be risky for either side, as it could easily escalate into military conflicts between Taiwan and China, and between China and Taiwan’s trading partners, Lee said. Taiwan has a comprehensive and effective semiconductor supply chain and is a crucial global chip provider, he said, adding that the tension across the Taiwan Strait will increase the economic cost to all stakeholders.
Lee said the government has accelerated the stockpiling of key materials in the past two years, adding that Taiwan is strengthening its resilience against economic siege through legislation while also working closely with like-minded partners to counter China’s strategic ambitions.
Taiwan has long enjoyed cross-party support from the U.S., Lee said, adding that the two-way ties will not be altered, no matter the results of the two countries’ presidential elections in 2024. Lee also expressed optimism toward the ongoing negotiations of the U.S.-Taiwan Initiative on 21st-Century Trade, adding that concrete achievements are anticipated by the end of this year. (YCH-E)
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