Market Reactions to Trump's Demand on Taiwan: A Formalized Security Relationship?

The Taiwanese stock market reacted negatively to Donald Trump's demand that Taiwan should pay for the US defense guarantee. This statement conveyed the impression that Trump was unfriendly towards Taiwan. However, there is an alternative perspective: Trump might have described the relationship between the US and Taiwan as one between an insurance company and the insured. From this point of view, it would be possible to formalize the relationship, similar to that with other US allies such as Japan, South Korea, and Germany. The essential difference, however, is that the details of Taiwan's "insurance policy" still need to be clarified.