TAIPEI (Taiwan News) – Premier Cho Jung-tai (卓榮泰) on Friday promised NT$88 billion (US$2.66 billion) to help industry and agriculture withstand the 32% tariff imposed on Taiwan by the Trump administration.
The new “reciprocal” tariffs will take effect on April 9. Taiwan said the tariffs were “unfair" and questioned the formula that was used to calculate Taiwan’s trade barriers against US products.
Cho said that industries would receive NT$70 billion and the farming sector would get NT$18 billion, per CNA. He added a call for solidarity among economic sectors.
The Cabinet worked out measures during a marathon session starting at 4 a.m. Thursday, followed by a report to President Lai Ching-te (賴清德). Cho said that Taiwan and the US were long-term trade partners, and the government would look at win-win formulas while engaging in discussions with the US to explain Taiwan’s policies and trade situation.
Some of Taiwan’s exports to the US were the result of US administration policies encouraging the development of advanced technology sectors, the government said.
Officials had examined the US' possible intentions for a month but underestimated the outcome. The Trump administration had used an unfair formula to calculate trade barriers, reports said.
The aid package for industry and agriculture will include financial aid, lowering administrative expenses, raising competitiveness, developing new markets, tax benefits, and stable employment. The US still needs to clarify the details of its tariffs so the government can develop a measured response.
