Premier Cho Jung-tai (卓榮泰) yesterday agreed to deliver a report to the legislature on the impact of US tariffs on the economy and the Executive Yuan’s countermeasures.
In reaction to US President Donald Trump’s 32 percent tariff on imports from Taiwan, the stock market posted its biggest intraday plunge at the opening yesterday.
Cho at 2pm convened a meeting at the Executive Yuan with the legislative caucuses of all parties to discuss national affairs, with a focus on the US tariffs facing Taiwan.
Photo: Chung Li-hua, Taipei Times
An attendee, who wished to remain anonymous, said Cho, in response to being asked to make a report to the legislature, agreed and said that the date for the report could be decided via a cross-caucus negotiation.
He added that the legislature should allow more time for the Executive Yuan to observe stock market fluctuations and conceive optimal strategies before making the report, they said.
Chinese Nationalist Party (KMT) caucus whip Fu Kun-chi (傅?萁) told reporters after the meeting that the US’ “reciprocal” tariffs could be considered a national crisis that requires prompt resolution, as the policy battered the stock market and threatens almost all industries nationwide.
Cho should report on the situation at the legislature to make known what industries are severely impacted and what the countermeasures would be, he said.
The KMT caucus would do its best to provide assistance and expect the government to use not only the special budget of NT$88 billion (US$2.66 billion), but also the NT$143.9 billion budget cuts to support affected industries, he said.
Taiwan People’s Party (TPP) Chairman Huang Kuo-chang (黃國昌) said the TPP caucus would prioritize the national interest and help evaluate whether the Executive Yuan’s strategies are feasible in resolving the problems.
Legislative Speaker Han Kuo-yu (韓國瑜) did not attend the meeting due to a tight schedule, but he sent a notice for a cross-caucus negotiation to be held this afternoon to discuss the matter.
In a related development, Vice Premier Cheng Li-chun (鄭麗君), tapped to head the negotiation team as President William Lai (賴清德) looks to seek more preferable tariffs with Washington, yesterday said that aside from seeking to lower the tariffs on some goods, an agricultural procurement team would be sent to the US in August and September to conduct procurement, which is expected to scale up.
The industrial procurement team, which has been suspended, would also be resumed, she said.
US President Donald Trump yesterday announced sweeping "reciprocal tariffs" on US trading partners, including a 32 percent tax on goods from Taiwan that is set to take effect on Wednesday. At a Rose Garden event, Trump declared a 10 percent baseline tax on imports from all countries, with the White House saying it would take effect on Saturday. Countries with larger trade surpluses with the US would face higher duties beginning on Wednesday, including Taiwan (32 percent), China (34 percent), Japan (24 percent), South Korea (25 percent), Vietnam (46 percent) and Thailand (36 percent). Canada and Mexico, the two largest US trading
ACTION PLAN: Taiwan would expand procurement from the US and encourage more companies to invest in the US to deepen bilateral cooperation, Lai said The government would not impose reciprocal tariffs in retaliation against US levies, President William Lai (賴清德) said yesterday, as he announced five strategies to address the issue, including pledging to increase Taiwanese companies’ investments in the US. Lai has in the past few days met with administrative and national security officials, as well as representatives from various industries, to explore countermeasures after US President Donald Trump on Wednesday last week announced a 32 percent duty on Taiwanese imports. In a video released yesterday evening, Lai said that Taiwan would not retaliate against the US with higher tariffs and Taiwanese companies’ commitments to
CHIP EXCEPTION: An official said that an exception for Taiwanese semiconductors would have a limited effect, as most are packaged in third nations before being sold The Executive Yuan yesterday decried US President Donald Trump’s 32 percent tariff on Taiwanese goods announced hours earlier as “unfair,” saying it would lodge a representation with Washington. The Cabinet in a statement described the pledged US tariffs, expected to take effect on Wednesday next week, as “deeply unreasonable” and “highly regrettable.” Cabinet spokeswoman Michelle Lee (李慧芝) said that the government would “lodge a solemn representation” with the US Trade Representative and continue negotiating with Washington to “ensure the interests of our nation and industries.” Trump at a news conference in Washington on Wednesday announced a 10 percent baseline tariff on most goods
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