WASHINGTON (TVBS News) — U.S. Deputy Secretary of State Kurt Campbell warned on Monday (June 24) that any disruption to global supply chains, such as Taiwan's semiconductor industry, and commercial flow through the Indo-Pacific region could lead to a global Great Depression.
Campbell made these remarks during a keynote speech at the Council on Foreign Relations (外交關係協會, CFR), a Washington-based think tank. He also noted that the Biden administration has encouraged dozens of countries to voice their support for peace and stability in the Taiwan Strait over the past five years.
According to Campbell, the Biden administration views China as the only country with the intent and increasing economic, diplomatic, military, and technological power to change the international order—a widely accepted assessment. He added that the dynamics in the Indo-Pacific region will affect all Americans and many people in allied and partner countries.
Campbell believes the Indo-Pacific region is the main source of risk. China's military expansion is the largest in peacetime history and is already disrupting regional balance. Chinese provocations in the East and South China Seas, recent conflicts with the Philippines at the Second Thomas Shoal, and with India, especially in the Taiwan Strait and surrounding areas, could spark conflicts and deal a devastating blow to the global economy.
Campbell pointed out that the Biden administration adheres to America's One-China policy (一中政策) but has expanded arms sales to Taiwan. It has also introduced new measures, such as foreign military financing and the presidential drawdown authority, to strengthen Taiwan's deterrence capabilities.
Campbell recalled that five years ago when peace in the Taiwan Strait was challenged, only a few countries stood up for Taiwan. Now, the U.S. has encouraged dozens of countries to voice their support for peace and stability in the Taiwan Strait, helping to deter China.
