As suggested by @correct horse battery staple over in the 'Russia' thread, I think this topic is worth a dedicated thread as it seems to pop up from time to time in that thread. So why is Taiwan (or the Republic of China to give it it's full title) important in the global scheme of things? Basically semiconductors. As oil was important in the 20th century, semiconductors are the equivalent in the 21st. Everything 'techy', from modern fighter jets to phones will have a semiconductor in them. For example, all iPhones have a Taiwanese chip in them since about 2014 I think.
Taiwan is responsible for about 60% of global chip output. Of the higher end more advanced chips, Taiwan makes 90%. So Taiwan's importance in the global supply chain for these chips cannot be underestimated IMO. In the geopolitical arena, Taiwan is continually threatened by China, which sees it as part of it's territory. The US has a policy of 'strategic ambiguity' towards the Taiwan China issue, which basically keeps Bejing guessing as to what the US will do if it ever moved against Taiwan. President Biden has been more outspoken on the issue, saying the US would come to Taiwan's aid if China launched an invasion. Not surprisingly this upset Beijing, which led to the US State Department attempting to walk back to it's position on the 'One China' policy where it 'acknowledges' this policy. This is in itself ambiguous as what does 'acknowledge' really mean at the end of the day?
One could also support Taiwan because it is a democracy, as opposed to the authoritarian regime that is China. Taiwan has only full diplomatic relations with 13 other countries, with China continually applying pressure in order to isolate Taiwan. Honduras for example switched sides to China just last month. The UN actually bans Taiwanese passport holders from it's buildings. Personally I think we should (Ireland that is) have diplomatic relations with Taiwan. If one believes in principles such as democracy, freedom of opinion etc, Taiwan is an example of them, as opposed to it's bigger neighbour which is one of the most autocratic regimes out there.
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