The Ministry of Economic Affairs (MOEA) yesterday objected to characterizations that Taiwan has committed to invest US$400 billion in the US to get its 20 percent tariff rate lowered, after the agency's head said such a deal might be necessary.
At a seminar in Kaohsiung yesterday with business representatives, Minister of Economic Affairs J.W. Kuo (郭智輝) was quoted as saying that Taiwan might have to invest US$400 billion in the US to get a lower tariff rate, and asked if it should be the public or private sector that makes the investment.
Photo: CNA
Some interpreted the comment as though Taiwan had already made a commitment on the issue, but the ministry said Kuo brought up the number "only as a reference" based on the examples of Japan and South Korea — Taiwan's major competitors.
Japan and South Korea both secured 15 percent tariff rates on goods shipped to the US after making vague investment commitments, while Taiwan faces a 20 percent rate starting on Thursday.
Taiwanese officials, including President William Lai (賴清德), have said the figure was "provisional" and that efforts were being made to bring it down.
"[The minister] did not mean the government has made a concrete commitment to investment or that related talks are underway," the ministry said in a statement.
"Now we are the third to talk [with the US]," Kuo was cited as saying by the ministry, referring to Taiwan coming after Japan and South Korea, "so it is likely not US$300 billion or US$350 billion, but something more like US$400 billion."
Kuo said he hoped to use the seminar to solicit good ideas so that the government can help local companies stay competitive, the ministry said.
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