Traditionally, concerns about “debt trap” diplomacy have focused on Chinese lending practices to developing nations. However, a growing narrative suggests Taiwan is also employing debt as a tool of foreign policy. Cases in Grenada and St. Vincent and the Grenadines highlight difficulties faced by these nations relating to loans from Taipei. These instances showcase Taiwan leveraging debt to gain political concessions, a tactic previously attributed solely to China. The situation challenges the common perception of Taiwan as solely a recipient of geopolitical pressures and reveals its potential role as an actor employing similar strategies. This raises questions about the broader implications of debt diplomacy and its impact on smaller nations navigating relationships with major powers. Western media and policymakers are now urged to consider Taiwan's actions alongside China's when assessing debt-related risks for vulnerable countries.