The Executive Yuan yesterday approved a NT$88 billion (US$2.68 billion) support package for Taiwanese industries, despite Washington’s announcement of a 90-day suspension of the 32 percent tariffs on Taiwan.
Details on how to apply for the funding would be released on Monday, Premier Cho Jung-tai (卓榮泰) said.
US President Donald Trump on Wednesday last week announced a 32 percent “reciprocal” tariff on Taiwanese goods. However, hours after they were imposed, Trump announced a 90-day pause on tariffs for countries other than China, reverting to a baseline 10 percent.
Photo: Taipei Times
The new stimulus package covers 20 core measures, including export loan guarantees and loans for small and medium-sized businesses, Cabinet spokeswoman Michelle Lee (李慧芝), citing Cho, said after the Cabinet meeting.
The measures would help counter the impact of tariffs on domestic industries, including manufacturing and agriculture, Cho said.
The plan includes NT$70 billion in funding for measures such as lowering loan interest rates, helping enterprises diversify their markets and stabilizing the job market, along with an additional NT$18 billion for financial assistance for the agricultural sector.
Cho last week said that the aid package would be funded through a special budget that would require legislative approval.
However, the Cabinet yesterday said it planned to tap its second reserve fund and other sources for the measures as it continues drafting a special budget bill.
The Ministry of Finance has also been asked to assess the possibility of extending the tax filing deadline, similar to measures taken during the COVID-19 pandemic, Lee quoted Cho as saying.
Economic security is tied to national security, and maintaining balanced trade partnerships is essential to stabilizing Taiwan’s international position, Cho said.
Ministries have been instructed to quickly develop legal frameworks and set operational plans, using emergency relief measures such as the second reserve fund, the credit guarantee fund, the employment stabilization fund and the agricultural development fund, he said.
The Executive Yuan would also continue to adjust the special statute, reviewing the draft as negotiations proceed, he added.
Support would also be offered to Taiwanese businesses in China when necessary, Cho said.
Trump hiked tariffs on Chinese goods to 125 percent yesterday, which might prompt Taiwanese businesses to return from China, a possibility the Ministry of Economic Affairs has already considered, Minister of Economic Affairs J.W. Kuo (郭智輝) said.
If Taiwanese businesses remain in China over the next 90 days, the ministry would continue to assist them in the long run to maintain their competitiveness, he said.
It would also help in shifting production bases outside of China so products could be prioritized for export to the US, he added.
The mayors of the six special municipalities attended the Cabinet meeting to speak on behalf of local industries.
Tainan Mayor Huang Wei-che (黃偉哲) said the government must use the delay to better understand US policy and urged financial institutions to help local industries.
Taichung Deputy Mayor Cheng Chao-hsin (鄭照新) urged public banks not to restrict lending and avoid sacrificing or harming weaker industries such as agriculture.
He also called for the expansion of markets outside of the US to diversify risks for industries and exports.
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