A gross budget of NT$88 billion (US$2.66 billion) would be allocated to assist the industrial and agricultural sectors to address the effects of the latest US tariff policy on Taiwan, Premier Cho Jung-tai (卓榮泰) told a news conference in Taipei yesterday.
The Cabinet unveiled government programs in support of export supply chains at the news conference after US President Donald Trump on Thursday announced a “reciprocal” tariff of 32 percent on Taiwanese imports.
The government has planned 20 measures and allocated NT$88 billion to broaden support for industries and control risks, Cho said.
Photo: Tien Yu-hua, Taipei Times
The industrial sector would receive NT$70 billion to offset administrative costs, boost industrial competitiveness, diversify markets, offer preferential taxation and stabilize employment, while NT$18 billion would go to the agricultural sector, he said.
“The Cabinet’s Trade Negotiations Office would continue to negotiate with the US government to bolster reasonable, favorable and reciprocally beneficial economic and trade relations,” Cho said.
“The Ministry of Economic Affairs, the Ministry of Finance and the Ministry of Labor should promptly put forward details about the 20 measures for people and industries to follow,” he said, adding that 190 hotlines would be set up under affiliated agencies by Tuesday next week to provide information on the Cabinet’s programs.
“Our evaluation showed that of all Taiwanese exports to the US, the manufacturing industry, including electronics and information technology, steel and other metals, machinery, vehicles and especially auto parts, building materials and domestic appliances would be materially affected by the increase in US tariffs,” he said.
As for agriculture and fisheries, exports of moth orchids, edamame, tea, tilapia, common dolphinfish and sea bass “might suffer from shrunken consumer markets or decreased competitiveness,” he added.
Given that the US’ tariff policy remains volatile, as Washington plans to lay out more details, the government would continue to observe the situation, and communicate with industries and society to propose pragmatic countermeasures, Cho said.
Vice Premier Cheng Li-chun (鄭麗君) said that the Cabinet in November last year set up a Taiwan-US economic and trade task force to monitor changes in US tariff policy, estimate the effects on industries and plan countermeasures.
The government would follow up on developments in the US’ policy for sectors such as semiconductors, pharmaceuticals and timber — which were not covered in the US’ announcement on Thursday — as well as their effects on overseas Taiwanese businesspeople, she said.
“Premier Cho has ordered agencies to announce the procedures and timelines by April 14 so industries could apply for the funding,” Cheng said, adding that the government would fully support the nation’s industries.
Minister Without Portfolio Jenni Yang (楊珍妮) said that in talks with Washington the government would focus on the complementary trade structure and high-tech strategic partnership between Taiwan and the US to seek bilateral trade balance.
It would also stress the US’ trade surplus with Taiwan in agricultural products and suggest including that surplus in the calculation of reciprocal tariffs, she added.
Asked whether a potential joint venture between Taiwan Semiconductor Manufacturing Co (台積電) and Intel would be a bargaining chip in negotiations, Cho said that the focus would be on national interests.
There is no further information about the issue and its progress, and the government would adhere to the principle of having national interests as its sole concern, he said.
Additional reporting by Lisa Wang
CREDIT-GRABBER: China said its coast guard rescued the crew of a fishing vessel that caught fire, who were actually rescued by a nearby Taiwanese boat and the CGA Maritime search and rescue operations do not have borders, and China should not use a shipwreck to infringe upon Taiwanese sovereignty, the Coast Guard Administration (CGA) said yesterday. The coast guard made the statement in response to the China Coast Guard (CCG) saying it saved a Taiwanese fishing boat. The Chuan Yu No. 6 (全漁6號), a fishing vessel registered in Keelung, on Thursday caught fire and sank in waters northeast of Diaoyutai Islands (釣魚台). The vessel left Keelung’s Badouzih Fishing Harbor (八斗子漁港) at 3:35pm on Sunday last week, with seven people on board — a 62-year-old Taiwanese captain surnamed Chang (張) and six
RISKY BUSINESS: The ‘incentives’ include initiatives that get suspended for no reason, creating uncertainty and resulting in considerable losses for Taiwanese, the MAC said China’s “incentives” failed to sway sentiment in Taiwan, as willingness to work in China hit a record low of 1.6 percent, a Ministry of Labor survey showed. The Directorate-General of Budget, Accounting and Statistics (DGBAS) also reported that the number of Taiwanese workers in China has nearly halved from a peak of 430,000 in 2012 to an estimated 231,000 in 2024. That marked a new low in the proportion of Taiwanese going abroad to work. The ministry’s annual survey on “Labor Life and Employment Status” includes questions respondents’ willingness to seek employment overseas. Willingness to work in China has steadily declined from
LEVERAGE: China did not ‘need to fire a shot’ to deny Taiwan airspace over Africa when it owns ‘half the continent’s debt,’ a US official said, calling it economic warfare The EU has raised concerns about overflight rights following the delay of President William Lai’s (賴清德) planned state visit to the Kingdom of Eswatini after three African nations denied overflight clearance for his charter at the last minute. Taiwanese allies Paraguay and Saint Kitts and Nevis, as well as several US lawmakers and the Inter-Parliamentary Alliance on China (IPAC) condemned China for allegedly pressuring the countries. Lai was scheduled to fly directly to Taiwan’s only African ally from yesterday to Sunday to celebrate the 40th anniversary of King Mswati III’s accession and his 58th birthday, but Seychelles, Mauritius and Madagascar suddenly revoked
The number of pet cats in Taiwan surpassed that of pet dogs for the first time last year, reaching 1,742,033, a 32.8 percent increase from 2023, the Ministry of Agriculture said yesterday, citing a survey. By contrast, the number of pet dogs declined slightly by 1.2 percent over the same period to 1,462,528, the ministry said. Despite the shift, households with dogs still slightly outnumber those with cats by 1.2 percent. However, while the number of households with multiple dogs has remained relatively stable, households keeping more than two cats have increased, contributing to the overall rise in the feline population. The trend
RSS