On May 2, the market went viral that Trump would force the exchange rate of the New Taiwan dollar to appreciate to 13.3 (currently 31.21) against the US dollar. Taiwan's financial regulator urgently clarified on May 1, emphasizing that the US Treasury did not ask the New Taiwan dollar to appreciate. On May 2, the New Taiwan dollar surged more than 8 cents to a high of more than 16 months, reaching a maximum of 31.145, an increase of more than 2.72% in the day, the largest increase in more than a decade, as exporters and foreign retail investors sold US dollar foreign exchange. Traders pointed out that this wave was affected by the repatriation of ETF redemptions and the panic selling pressure of exporters. The rise of the New Taiwan dollar exceeded expectations, and the early rally was quite fierce.