After the Qingming holiday, the Taiwanese stock market faced liquidity risks. However, following President Trump's announcement to delay tariffs by ninety days, the market experienced extreme fluctuations in futures. Recently, Trump indicated that many world leaders sought to avoid tariffs, listing eight forms of non-tariff cheating and specifically calling out allies like Japan and the EU. Japanese Prime Minister Shigeru Ishiba adopted a strong stance, stating he would not yield to U.S. demands.

In addition to Japan, the UK, Australia, South Korea, and India were prioritized for new trade agreements. Initially, tariffs on semiconductor imports were expected to be announced within a week, but the U.S. Commerce Department initiated national security reviews based on the 1962 Trade Expansion Act, delaying the tariff announcement. The market remains shrouded in high uncertainty.

While Taiwan is not on the priority negotiation list, President Lai Ching-te has formed a negotiation team to actively defend Taiwan's industrial interests and provide support measures for affected industries. The Ministry of Foreign Affairs indicated that negotiation channels between Taiwan and the U.S. have been established.

Recently, Trump shifted focus to Federal Reserve Chairman Jerome Powell, indicating he wished for an interest rate cut to counter economic slowdown risks, yet Powell remained firm that he would serve until 2026. With the dollar weakening, the index recently fell below 100, while the New Taiwan Dollar rose to approximately 32.5 per U.S. dollar.

U.S. Treasury yields rose between 4.3% to 4.5%, raising doubts about U.S. dollar assets as gold prices also climbed to an all-time high. In the face of global economic uncertainty, fluctuations in the U.S. stock market and relevant policies pose challenges for the market, with TSMC’s stock price showing disappointing performance despite a slight improvement in market conditions and an unresolved lack of confidence.