The Chinese National Federation of Industries (CNFI, 全國工業總會) yesterday urged the government to support tariff-affected sectors as fast as possible, as shocks to Taiwan’s export-reliant economy from higher US levies has spread across the board locally.
The government should lower the requirement for affected sectors applying for emergency relief and solicit industry opinions for trade negotiations with the US, the CNFI said.
“The government should adjust its threshold for subsidies based on industry types, enterprise sizes and actual impact, as the affected firms include mainly small and medium-sized enterprises,” it said.
Photo: Lee Ya-wen, Taipei Times
“The government also needs to understand the latest developments in various sectors, such as machinery, machine tools, electrical and electronic equipment, petrochemicals, hand tools, textiles and vehicles, and adjust its policies and programs flexibly,” it added
The CNFI’s remarks came after the Cabinet on Friday pledged to provide NT$88 billion (US$2.66 billion) to help Taiwanese businesses, including the electronics and steel industries, that would be hardest hit by US President Donald Trump’s “reciprocal tariffs.”
On Sunday, President William Lai (賴清德) said Taiwan would negotiate with the US, starting with a goal of “zero tariffs,” modeled after the US-Mexico-Canada Agreement, while pledging to expand its investments in the country.
While increasing investments in the US to reduce Taipei’s trade surplus with Washington, the government also needs to expand domestic demand and increase public construction projects, as well as encourage the use of domestic machinery equipment, the CNFI said.
As manufacturers of different scales face different issues in terms of logistics, customs clearance and market development, the government could set up professional consultation platforms for local firms, it added.
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