Taiwan Peace and Stability Act This bill requires various reports to Congress related to Taiwan. The Department of State must report on (1) a strategy to advance Taiwan's meaningful participation in certain international organizations, and (2) a plan for strengthening Taiwan's community of civilian defense professionals. (China has taken actions to block Taiwan's participation in certain international organizations, such as opposing Taiwan's attendance at World Health Assembly meetings as an observer.) The U.S. Agency for International Development must report on cooperation with Taiwan on trilateral and multilateral development initiatives. The U.S. Trade Representative must report a legal template for establishing trade and investment agreements with Taiwan that is consistent with U.S.-Taiwan relations. The President must report a whole-of-government strategy to enhance deterrence over a military conflict between China and Taiwan. Among other matters, the strategy must include an examination of the present and future capabilities of the United States and Taiwan to respond to potential actions by China's military, such as a naval blockade. The Department of Defense must report on options for (1) supporting Taiwan's defense budgeting and procurement process in a way that is consistent with Taiwan's asymmetric defense strategy, and (2) strengthening Taiwan's implementation of its territorial defense force concept.