TAIPEI (TVBS News) — Stocks of Taiwanese companies, including Formosa Plastic Group (台塑), Nan Ya Plastics Corporation (南亞), and Formosa Chemicals & Fibre Corporation (台化), on Tuesday (Jan. 21) opened lower following Trump's announcement of large-scale oil extraction. Donald Trump's recent inauguration as president of the United States has sent ripples through global markets. His energy policies have caused international oil prices to drop below US$80 per barrel.
Brent crude futures fell 98 cents, or 1.21%, to close at US$79.79 per barrel, while West Texas Intermediate dropped 83 cents, or 1.07%, to settle at US$76.56 per barrel. Trump emphasized his commitment to combating inflation, swiftly reducing costs and prices. He declared a national energy emergency to facilitate the extensive extraction of oil, aiming to leverage the U.S.'s abundant oil and natural gas resources to lower prices and increase energy exports.
Wu Chia-chao (吳嘉昭), chairman of Nan Ya, expressed concerns about Trump's tariff policies potentially restructuring supply chains and affecting the economic recovery in 2025. Meanwhile, Formosa has a more optimistic view, suggesting that Trump's energy policies could benefit the global petrochemical industry, presenting new opportunities for the Asian petrochemical sector.
As Trump's administration unfolds, industry leaders and investors will closely monitor how these policies influence the global market landscape and the potential opportunities they might create for Asian industries.
