Taiwan only expects a small impact from any tariffs imposed by the incoming government of US president-elect Donald Trump on semiconductor exports given their technological superiority, Minister of Economic Affairs J.W. Kuo (郭智輝) said today.
Home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Taiwan is a key link in the global technology supply chain for companies such as Apple and Nvidia.
However, Taiwanese policymakers have warned new US tariffs against all countries from the incoming Trump administration could curb economic growth this year for the export-dependent economy.
Photo: Taipei Times file photo
Trump has pledged a blanket tariff of 10 percent on global imports into the US and a far higher 60 percent tariff on Chinese goods. In late November last year, he specifically pledged a 25 percent tariff on imports from Canada and Mexico when he takes office on Jan. 20.
Asked at a news conference about the impact on Taiwan's export orders of Trump's tariffs, Kuo said it would not much affect the chip sector.
"For our semiconductors and advanced processes, there is an advantage of technological leadership and that cannot be replaced, and so the impact will be small," he added.
Taiwan will also help companies relocate supply chains to the US as needed, away from where there might be high import tariffs, Kuo said.
"Now we see that we should be able to develop the aerospace supply chain industry in the US, and do some joining up with the US aerospace companies, so that some of Taiwan's aerospace research and development centers can be moved to there."
Taiwan will also set up an office in Japan in the first half of this year to help Taiwanese businesses invest there, and cooperate with the country on artificial intelligence and drones, he added.
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