President Tsai Ing-wen (蔡英文) yesterday reassured the public that Taiwan’s economic fundamentals are strong enough to withstand the effects of an increase in US tariffs on certain Chinese products, but called on overseas Taiwanese firms to return home amid a renewed trade war between the US and China.
“Starting today, the US is to increase tariffs on US$200 billion of Chinese goods from 10 percent to 25 percent, which could have a tremendous impact on the world economy,” Tsai told a news conference following a high-level national security meeting to discuss countermeasures as Washington and Beijing enter a new round of tariffs.
Fortunately, the trade war’s effects on Taiwan remain limited, given that the goods covered by current punitive US tariffs do not include Taiwan’s main export products, she said.
Photo: CNA
Taiwan’s solid economic foundation in the past few years would also allow it to better respond to the heightened trade conflict between the world’s two largest economies, she added.
Tsai cited as examples the nation’s 12 consecutive quarters of economic growth, increased overseas investment and more than NT$250 billion (US$8.1 billion) of repatriated investments by Taiwanese businesses so far this year.
As the ongoing US-China trade war is bound to affect the existing global trading order and supply chain, Taiwan must choose the correct path for economic development, she said.
“Our goals are to expedite the return of overseas Taiwanese businesses, rebuild our high added-value industries, facilitate comprehensive industrial upgrading and push for the signing of a bilateral trade agreement with the US that adheres to the principles of free and fair trade,” Tsai said.
The government would also work to replace products manufactured in China with those of high value and quality made in Taiwan, seeking to turn the nation into a major exporter of goods to the US, she said.
The Coast Guard Administration’s (CGA) new Yunlin patrol vessel would enhance maritime patrol capabilities in the south, President William Lai (賴清德) yesterday told a commissioning ceremony in Kaohsiung for the 4,000-tonne vessel. The Yunlin, one of four Chiayi-class offshore patrol vessels ordered from shipbuilder CSBC Corp, Taiwan (台灣國際造船), would join the coast guard’s Southern Sector Flotilla based in Kaohsiung, bolstering the unit’s ability to conduct patrols along with searches and rescues, Lai said. The ship is equipped with three high-pressure water cannons with a range of 120m for dispersal tasks, the Ocean Affairs Council said. In his speech, Lai said that the government’s
FREEDOM SEEKER? While the intruder, identified as an ex-Chinese navy captain, looked different from previous ‘defectors,’ it could be China testing Taiwan’s limits, an official said Taiwan has stepped up national security measures, Premier Cho Jung-tai (卓榮泰) said yesterday, after a former Chinese navy captain was arrested for illegally entering the nation on a motorboat. “National security cannot be neglected for a minute,” he said, adding that security units had been instructed to “immediately strengthen protective measures.” Coast guard personnel arrested the man, surnamed Ruan (阮), on Sunday after his boat collided with other vessels at a ferry terminal on the Tamsui River (淡水河) in the north. Before that, he reportedly sailed the vessel into a harbor near the mouth of the river. Ruan is a retired member of
‘SAFER TAIWAN’: The president told ‘Time’ magazine that the new government under his administration ‘is willing to assist China and advance peace and prosperity’ A prosperous Taiwan can bring about progress in China, and Taipei seeks peace and prosperity across the Taiwan Strait, President William Lai (賴清德) told Time magazine in an exclusive interview published yesterday, his first since becoming president. Taiwan wishes for a stable and prosperous China, as it would help maintain peace and stability in the region, he said. “I have always believed that a stable China leads to a safer Taiwan. A prosperous Taiwan can also bring about progress in China,” he was quoted as saying, while asked if China’s problematic economy could be an opportunity for further engagement across strait.
HU GE NEWS: The actor visited Taipei and was on the same flight as an official Shanghai delegation, leading to accusations Taipei City was doing ‘united front’ work Taiwan is open to healthy interactions with China, but Beijing should not engage in “united front” campaigns, a Cabinet official said yesterday following a report that China is paying influencers to produce content it approves of. YouTuber Potter King (波特王) said that the Chinese government has been paying Taiwanese content creators to travel to China and produce videos favorable to Beijing. Cabinet spokesman Chen Shih-kai (陳世凱) said that the government welcomes healthy and sustainable interactions between the two sides of the Taiwan Strait, but China should not use “united front” tactics in the culture and entertainment sphere to target young Taiwanese. Potter King