Premier Cho Jung-tai (卓榮泰) today said that tariff talks with the US remain focused on three goals: securing a better rate, ensuring a fair process under US trade law and preventing overlapping tariffs.
"Once an agreement is reached, it will be submitted to the Legislative Yuan under the Conclusion of Treaties Act (條約締結法)," Cho told lawmakers during a plenary session of the legislature, urging their support.
Photo: Wang Yi-sung, Taipei Times
The US' "reciprocal" tariff took effect on Aug. 7, and Taiwan negotiated a reduction from the base rate plus 32 percent to the base rate plus a provisional tariff of 20 percent, Cho said.
Some products — including steel, auto parts, pharmaceuticals and semiconductors — are excluded from the tariffs due to national security reasons under Section 232 of the US Trade Expansion Act, although discussions with Washington continue, it added.
A reassessment showed the tariff change reduced projected impacts on "exports, production, GDP and jobs" by about half, but the government would still review sectors comprehensively, he added.
Taiwanese industries most affected include hand tools, machine tools, plumbing hardware, heavy electrical equipment and plastic products, while in agriculture, phalaenopsis orchids (moth orchids), edamame soybeans and mahi-mahi fish are also affected, he said.
Cho said the government would provide relief through a special "resilience" budget and would consider overall employment stability, adding that 73 firms and 2,388 workers have already been directly affected by tariffs.
Technical talks on tariffs, non-tariff trade barriers, trade facilitation and supply chain resilience are largely complete, although a final agreement has not yet been reached, he said.
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