President Lai Ching-te said April 6 via a prerecorded video that the government will adopt a range of strategies to alleviate the impact of the U.S.’ recent 32 percent tariff on goods from Taiwan while working with the private sector to expand the country’s economic growth potential.
According to Lai, Taiwan’s exports to the U.S. reached US$111.4 billion last year, accounting for 23.4 percent of total exports. Among the goods exported to the U.S., competitive information and communications technology products and electronic components made up 65.4 percent, demonstrating that Taiwan’s economy remains highly resilient, he said.
Taiwan has no plans to levy retaliatory tariffs on the U.S., the president said, adding that investments by Taiwan companies in the North American country will also proceed as planned if they align with national interests.
The government has formed a team led by Vice Premier Cheng Li-chiun to initiate negotiations with the U.S., Lai said. The talks will have an initial goal of zero tariffs, modeled after the U.S.-Mexico-Canada Agreement, he added.
The president went on to say that the government plans to increase the purchase of U.S. goods, including defense equipment and agricultural, industrial, petroleum and natural gas products, to reduce the trade deficit. It will also help Taiwan enterprises expand investment in the U.S.’ electronics, ICT and petrochemical sectors while working to eliminate other long-standing trade barriers and address U.S. concerns over issues such as export controls on high-tech products.
The government will further support industries most affected by the new tariffs, especially traditional and micro-, small- and medium-sized enterprises, he said, adding that it will propose updated medium- and long-term economic development plans to accelerate industrial transformation and shape Taiwan into an artificial intelligence hub.
Lai concluded by pledging to further strengthen industrial cooperation with the U.S. and meet with business representatives to revise relevant policies to meet their needs.
Prior to Lai’s remarks, Premier Cho Jung-tai held a press conference April 4 to announce 20 domestic measures to boost the agricultural and manufacturing sectors in response to the new tariffs. With a total budget of NT$88 billion (US$2.65 billion), the measures expand tax exemptions, provide loans and assist enterprises with transformation and diversification. (YCH-E)
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According to Lai, Taiwan’s exports to the U.S. reached US$111.4 billion last year, accounting for 23.4 percent of total exports. Among the goods exported to the U.S., competitive information and communications technology products and electronic components made up 65.4 percent, demonstrating that Taiwan’s economy remains highly resilient, he said.
Taiwan has no plans to levy retaliatory tariffs on the U.S., the president said, adding that investments by Taiwan companies in the North American country will also proceed as planned if they align with national interests.
The government has formed a team led by Vice Premier Cheng Li-chiun to initiate negotiations with the U.S., Lai said. The talks will have an initial goal of zero tariffs, modeled after the U.S.-Mexico-Canada Agreement, he added.
The president went on to say that the government plans to increase the purchase of U.S. goods, including defense equipment and agricultural, industrial, petroleum and natural gas products, to reduce the trade deficit. It will also help Taiwan enterprises expand investment in the U.S.’ electronics, ICT and petrochemical sectors while working to eliminate other long-standing trade barriers and address U.S. concerns over issues such as export controls on high-tech products.
The government will further support industries most affected by the new tariffs, especially traditional and micro-, small- and medium-sized enterprises, he said, adding that it will propose updated medium- and long-term economic development plans to accelerate industrial transformation and shape Taiwan into an artificial intelligence hub.
Lai concluded by pledging to further strengthen industrial cooperation with the U.S. and meet with business representatives to revise relevant policies to meet their needs.
Prior to Lai’s remarks, Premier Cho Jung-tai held a press conference April 4 to announce 20 domestic measures to boost the agricultural and manufacturing sectors in response to the new tariffs. With a total budget of NT$88 billion (US$2.65 billion), the measures expand tax exemptions, provide loans and assist enterprises with transformation and diversification. (YCH-E)
Write to Taiwan Today at ttonline@mofa.gov.tw
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