The Ministry of Foreign Affairs (MOFA) today said it is to lead a group of businesses to a US investment summit next month, as the government seeks to expand investments in the US in response to its 32 percent tariff imposed on Taiwanese goods.
The legislature’s Foreign Affairs and National Defense Committee tomorrow is to invite Cabinet ministers, trade officials and the central bank to report on diplomatic and trade responses to US tariffs and competition with China.
In a written report submitted to lawmakers today, the ministry said that in response to the US’ 32 percent tariffs that went into effect today, it is “working with relevant ministries to promote relevant contingencies.”
Photo: Lu Yi-hsuan, Taipei Times
Primarily, the government is aiming to purchase more from the US to reduce the trade deficit, including major purchases of agricultural and manufactured goods, oil and natural gas, the report said.
It is also looking to expand investments in the US to deepen Taiwan-US trade cooperation and enhance Taiwan’s strategic positioning, it said.
To this end, the ministry and relevant agencies are to assist businesses in attending the SelectUSA Investment Summit organized by the US Department of Commerce to help them better understand the investment environment in the US.
According to its official Web site, this year’s summit is to be held from May 11 to 14 in National Harbor, Maryland.
Taiwan and the US share values and complimentary industrial trade structures, the ministry said.
“Taiwan is an indispensable, important and reliable partner in the US' reconstruction of its manufacturing industry and consolidation of its high-tech leadership,” it said, adding that it hopes to seek a rational trade balance.
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