The government has prepared a strategic plan and is ready to negotiate with the US on tariffs, Premier Cho Jung-tai (卓榮泰) said today.
The aim for negotiations would be to balance trade, Cho said, adding that he urges the public to have patience while negotiations are ongoing.
Speaking to reporters prior to a Legislative Yuan policy briefing today, Cho said that the world trade order is undergoing a major reorganization in response to US tariff policy, and in response, the government wants to stabilize domestic industries and prepare for negotiations.
Photo: Tien Yu-hua, Taipei Times
Preparations have been made for tariff discussions with the US, including by Vice Premier Cheng Li-chun (鄭麗君), the Office of Trade Negotiations and the national security team, Cho said.
The US Department of Commerce yesterday said it would investigate semiconductor and semiconductor manufacturing equipment imports, along with the pharmaceutical industry, for potential new tariffs.
In response, Minister of Health and Welfare Chiu Tai-yuan (邱泰源) told reporters that the ministry is prepared to respond to either drug price increases or drug shortages to ensure that the public maintains sufficient and safe access to medicines.
Taiwan imports about 10 percent of its drugs from the US, many of which are cancer drugs, Chiu said, adding that the ministry is prepared for the possibility of price increases.
In response to potential semiconductor tariffs, Minister of Economic Affairs J.W. Kuo (郭智輝) said that Taiwan is to simulate potential impacts and seek talks with Washington on the issue.
Also speaking to reporters outside the legislature, Kuo said he would seek to discuss the matter with the US and ensure "fair competition" for Taiwanese industry.
The Taiwanese and US chip sectors are complementary, he added.
"As to how much [the tariffs] could be, we will of course carry out simulations," Kuo said. "On the tariffs issue, we will try as hard as possible to communicate with the US side."
The level of chip tariffs would be "the outcome of talks," he added without elaborating.
Additional reporting by Reuters
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