President William Lai (賴清德) yesterday said the government is closely monitoring the follow-up measures of the White House amid tariff shifts, adding that Taipei is in close contact with the US to ensure Taiwan’s most-favorable treatment would not be compromised.
US President Donald Trump on Friday imposed an additional 10 percent tariff, which he raised to 15 percent the next day, on imports from around the world starting tomorrow, after the US Supreme Court ruled his “reciprocal” tariffs unconstitutional.
Lai late on Saturday night said on social media that the US court’s ruling and the Trump administration’s subsequent decision to impose global import duty for 150 days under Section 122 of the Trade Act of 1974 would not only affect Taiwan, but the entire world.
Photo: screengrab from Cho Jung-tai’s Facebook page
The government has a full grasp of the latest developments and is fully prepared for a turbulent and challenging global trade environment, he said, adding that Premier Cho Jung-tai (卓榮泰) and the negotiating team briefed him on the matter, asking the public and the industry sector to rest assured.
Regardless of how the situation evolves, the government’s goal is to ensure that Taiwan’s most-favorable treatment would not be compromised, while its advantages over major competitors would be maintained, mitigating any risks brought about by the new developments, he said.
Taiwan boasts the most competitive industries and the most united citizenry in the world, he said.
Despite turbulence in the global economy and trade environment, the government is to prioritize national, industrial, food security and public health interests, as it always does, striving for the best for the country, he said.
The government would remain the staunchest supporter of the public and industry, leading the nation steadily through the changes and continuing to move forward, he said.
Meanwhile, Cho, also posting on social media late on Saturday night, said that he has instructed the negotiation team to maintain close communication with Washington to ensure that the most-favorable treatment under Section 232 of the Trade Expansion Act remains unchanged.
Following his meeting with Vice Premier Cheng Li-chiun (鄭麗君), Executive Yuan Secretary-General Xavier Chang (張惇涵) and members of the negotiation team, Cho said he has instructed the team to cautiously assess the follow-ups of the Taiwan-US Agreement on Reciprocal Trade, which was signed earlier this month.
The negotiation team has brought fruitful results after two phases of negotiations with the US, laying a beneficial foundation in dealing with the new situation, he said.
He said he believes that the team, led by Cheng, could safeguard the country’s best interests and the industrial sector’s international competitiveness.
Facing a dynamic global trade situation amid US tariff changes, the government has to monitor changes, safeguard achievements and respond prudently, he said.
Taiwan would continue to improve its trade system, facilitate bilateral investment, stabilize its cooperation with the US, deepen bilateral strategic partnership and strive for their common goal to safeguard national and economic security, he said.
Taiwan has always been building its future amid challenges, he said, citing Japanese Prime Minister Sanae Takaichi’s remarks that “a nation that does not take on challenges has no future.”
“Taiwan’s resilience stems from its ability to turn challenges into opportunities,” Cheng said on Saturday.
Taiwan’s challenges in trade negotiations stem from its large trade surplus with the US, which made it the fourth-largest source of US trade deficit last year, with the deficit increasing to nearly US$150 billion, she said.
About 76 percent of Taiwan’s exports to the US fall within the scope of Section 232 investigations, which would require negotiations along with reciprocal tariffs, she said.
Citing the latest executive order signed by Trump and the statement issued by US Trade Representative Jamieson Greer, she said Taiwan has to closely monitor changes to be brought by not only Section 122 and 301 of the Trade Act of 1974, but also other US laws.
The most-favored nation status secured by the negotiation team under Section 232 would not be affected by the US Supreme Court’s ruling, she said.
The memorandum of understanding on Taiwan-US investment, which was signed on Jan. 15, says that the two countries are to continue negotiations on favorable treatments, she said.
The impact on industries is expected to be alleviated, such as uncertainties brought by tariffs potentially imposed on semiconductors and related products to the high-tech supply chains, she added.
Additional reporting by AFP, Reuters and AP
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