Taiwan is ready to negotiate with the US at any time on the tariffs issue, Minister of Foreign Affairs Lin Chia-lung (林佳龍) said today, as the nation’s stock market steadied having plummeted the previous day on trade fears.
Taiwan was hit with a 32 percent tariff last week and singled out by US President Donald Trump as one of the US trading partners with one of the highest trade surpluses with the country.
Photo: Tu Chien-jung, Taipei Times
Taiwan President William Lai (賴清德) on Sunday proposed a zero-tariffs regime with the US, and to invest more in the country and remove trade barriers.
Speaking to reporters on the sidelines of parliament, Lin said that Taiwan was ready to talk about a variety of issues with the US, including investment in and purchases from the country and non-tariff barriers.
The negotiation team, convened by Lai, would be led by Vice Premier Cheng Li-chiun (鄭麗君), Lin said.
“As long as there is a confirmed time and method for negotiations, they can be discussed at any time with the US,” Lin said.
Premier Cho Jung-tai (卓榮泰), also speaking at parliament, said Taiwan was one of the US trading partners seeking talks and the government would choose an appropriate time to present Lai's plans to the US.
Cho declined to give details of talks with the US, Taiwan's most important international backer.
“We definitely have a comprehensive plan, we have the right people, and we will be able to go and have positive negotiations,” he said.
In an interview with Fox News yesterday, top White House economic adviser Kevin Hassett confirmed that Taiwan has reached out to the US to negotiate.
Trump would listen to US trading partners, Hassett said, and consider their views if they make proposals favorable for US manufacturers.
Taiwan's benchmark stock index, TAIEX, which logged its worst fall ever yesterday as it plunged by almost 10 percent, fell to as low as another 5 percent on Tuesday morning as of press time to its lowest level in 14 months.
Shares in TSMC, the world's largest contract chipmaker, dropped by around 4 percent.
Shares in Foxconn, Apple's biggest iPhone maker, dropped by almost 10 percent, their daily down limit, extending their previous day's drop.
While the selling pressure was unrelenting, today's losses came as Asian stocks bounced off one and a half year lows and US stock futures pointed higher, with markets catching their breath after recent heavy selling on hopes that Washington might be willing to negotiate some of its aggressive tariffs.
Taiwan has repeatedly said its large trade surplus with the US is due to soaring demand for tech, given its companies are major suppliers to companies like Apple and Nvidia.
In a statement today, the American Chamber of Commerce in Taiwan expressed its strong concern about the tariffs, and called on Washington to exempt Taiwan from trade actions that could “jeopardize the stability and trust underpinning the US-Taiwan relationship.”
Additional reporting by Lin Che-yuan
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