Taiwan and the US would hold additional talks on tariffs after representatives of the two sides held their first meeting on Friday, the Office of Trade Negotiations said.
The two sides exchanged views on “reciprocal” tariffs imposed by US President Donald Trump and other issues, such as non-tariff trade barriers and export controls, the office said.
It did not disclose other details about the negotiations, citing a mutual tacit understanding.
Photo: Reuters
President William Lai (賴清德) on Friday said Taiwan was among the first group of countries to enter into tariff negotiations with the US following the tariff announcement that sent ripples through global financial markets.
Taiwan has no intention of launching retaliatory measures, Lai said, adding that the government has sought negotiations with the Trump administration with a goal of “zero tariffs,” modeled after the US-Mexico-Canada Agreement.
Speaking at a Rotary International conference in Taipei yesterday, Lai said Taiwan has officially begun negotiations with the United States on reciprocal tariffs, describing the process as "smooth."
In related developments, the Financial Supervisory Commission (FSC) yesterday said that measures to curb short selling on the local stock market have been extended for another week, as global financial markets continue to face uncertainties from the latest US tariffs.
The FSC last week announced measures, originally effective from Monday to Friday, to cut the limit of intraday sell orders for borrowed securities from 30 percent of the average trading volume of the stock over the previous 30 trading sessions to only 3 percent.
The minimum margin ratio for short-selling on the Taiwan Stock Exchange and the Taipei Exchange would also be raised from 90 percent to 130 percent, the FSC said.
Additionally, the FSC eased limits on the types of collateral that can be used to cover a margin deficit.
Despite those measures, the TAIEX still plunged 1,769.45 points, or 8.31 percent, for the week amid global volatility.
The heavy losses also came despite the NT$500 billion (US$15.29 billion) National Stabilization Fund, which was established by the government in 2000 to serve as a buffer against unexpected external factors that might disrupt the local bourse. It started its intervention on Wednesday.
The measures to limit short selling in the market would remain effective until Friday next week, the FSC said, adding that it would keep a close eye on market conditions at home and abroad, and adjust its policies if necessary.
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