For decades, the Taiwan Strait has been one of the main "hot spots" in the Asia-Pacific region. As an object of confrontation between China and Taiwan, the U.S. and China, the area is strategically important to the entire global economy and international shipping. The strait connects the South China Sea with the East China Sea, through which up to 80% of world trade passes, and it is also a crucial link in the global supply chain. Even a short-term blockade of the Taiwan Strait could have serious consequences for the global economy. A new aggravation in the region occurred on July 13, 2022, when Wang Wenbin, spokesman for China's Foreign Ministry, declared that the Taiwan Strait is not "international waters." This article examines in detail the political and legal aspects of China's and the United States' perception of the legal status of the Taiwan Strait, revealing the understanding of "international waters" under international maritime law. It substantiates the main reasons for Beijing's actions regarding the Taiwan Strait, and also forecasts the possible resolution of this legal dispute in light of the fundamental change in China's policy regarding the islands and waters of the South China Sea, which followed the verdict of the Permanent Court of Arbitration in The Hague in 2016.