Premier Cho Jung-tai (卓榮泰) yesterday agreed to deliver a report to the legislature on the impact of US tariffs on the economy and the Executive Yuan’s countermeasures.
In reaction to US President Donald Trump’s 32 percent tariff on imports from Taiwan, the stock market posted its biggest intraday plunge at the opening yesterday.
Cho at 2pm convened a meeting at the Executive Yuan with the legislative caucuses of all parties to discuss national affairs, with a focus on the US tariffs facing Taiwan.
Photo: Chung Li-hua, Taipei Times
An attendee, who wished to remain anonymous, said Cho, in response to being asked to make a report to the legislature, agreed and said that the date for the report could be decided via a cross-caucus negotiation.
He added that the legislature should allow more time for the Executive Yuan to observe stock market fluctuations and conceive optimal strategies before making the report, they said.
Chinese Nationalist Party (KMT) caucus whip Fu Kun-chi (傅?萁) told reporters after the meeting that the US’ “reciprocal” tariffs could be considered a national crisis that requires prompt resolution, as the policy battered the stock market and threatens almost all industries nationwide.
Cho should report on the situation at the legislature to make known what industries are severely impacted and what the countermeasures would be, he said.
The KMT caucus would do its best to provide assistance and expect the government to use not only the special budget of NT$88 billion (US$2.66 billion), but also the NT$143.9 billion budget cuts to support affected industries, he said.
Taiwan People’s Party (TPP) Chairman Huang Kuo-chang (黃國昌) said the TPP caucus would prioritize the national interest and help evaluate whether the Executive Yuan’s strategies are feasible in resolving the problems.
Legislative Speaker Han Kuo-yu (韓國瑜) did not attend the meeting due to a tight schedule, but he sent a notice for a cross-caucus negotiation to be held this afternoon to discuss the matter.
In a related development, Vice Premier Cheng Li-chun (鄭麗君), tapped to head the negotiation team as President William Lai (賴清德) looks to seek more preferable tariffs with Washington, yesterday said that aside from seeking to lower the tariffs on some goods, an agricultural procurement team would be sent to the US in August and September to conduct procurement, which is expected to scale up.
The industrial procurement team, which has been suspended, would also be resumed, she said.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
RSS