TAIPEI (Taiwan News) — Economics Minister Kuo Jyh-huei (郭智輝) said Taiwan could buy an extra NT$6.58 trillion (US$200 billion) from the US over the next decade to reduce the bilateral trade deficit.

Speaking in the legislature on Thursday, Kuo said the government is discussing a plan involving around NT$6.58 trillion in extra purchases over the coming decade by state-backed companies, per CNA. He said this plan does not include private companies.

In addition, Kuo said Taiwan would consider raising the proportion of its liquefied natural gas imports from the US from 10% to 30% of the total, per Reuters. Taiwanese officials previously identified US natural gas imports as a way to reduce the trade deficit. 

Taiwan’s state-run energy supplier signed a letter of intent to buy LNG from Alaska in March. Taiwan currently sources most of its LNG from Australia and Qatar.

On Thursday, Foreign Minister Lin Chia-lung (林佳龍) said there is space for more in-depth talks with the US after the tariff reprieve. The US had announced a 32% tariff on Taiwan, sending its stock market plummeting, but it was temporarily reduced to 10% for 90 days on Thursday. 

He said the Trump administration has received Taiwan's trade proposals. Lin said the US responded, but he did not provide further comments. 

However, Taiwan’s Central Bank cautioned that uncertainty remains for markets and the world economy due to Trump's tariffs. Central Bank Governor Yang Chin-long (楊金龍) said it is ideal that Taiwan holds more than 80% of its foreign exchange reserves in US Treasury bonds, and the bank will assess whether to increase it.