TAIPEI (Taiwan News) — The Ministry of Agriculture’s NT$18 billion (US$562.5 million) support program to help the agriculture and fisheries industry cope with 20% US tariffs on Taiwanese products will open for applications starting Thursday, per CNA.
Taiwan's export industries are concerned about their competitiveness as new US tariffs take effect. The 20% rate on Taiwanese products is higher than the 15% tariff imposed on key competitors such as Japan and South Korea.
While Taiwan's tariff rate is the same as for Vietnam, it exceeds the 19% tariff faced by other neighboring countries such as Thailand, Malaysia, Indonesia, Cambodia, and the Philippines. This disparity could put additional pressure on Taiwanese exporters.
The ministry said the program includes financial assistance, measures to enhance industry competitiveness, and efforts to develop diversified markets. The Cabinet held a series of forums across Taiwan to gather input from stakeholders in the orchid, edamame, tea, and fisheries industries before the tariff policies went into effect.
To help farmers and fishers stabilize their finances and continue exporting to the US, the ministry has enhanced its loan interest subsidy program. The subsidy rate has been raised from 0.75% to a maximum of 1%, the subsidy period has been extended from six months to one year, and the maximum loan amount has increased from NT$20 million to NT$30 million.
The ministry also offers a separate subsidy program to support the floriculture industry. This program assists in strengthening export cold chain equipment and in constructing greenhouse facilities, with a maximum subsidy of NT$10 million.
For the edamame and tea industries, the ministry provides subsidies to support farmers with production, processing, packaging, and cold chain facilities. Farmers can receive up to NT$10 million, while related businesses are eligible for up to NT$30 million.
Additionally, the ministry offers subsidies of up to NT$150,000 for farmers and fishers to obtain international quality certifications for their products. To boost domestic consumption, regional and national markets, exhibitions, and other promotional events will be organized.
For the aquaculture sector, the ministry provides subsidies of up to NT$180,000 to farmers who collaborate with processing businesses. In the marine fishing sector, subsidies of up to NT$2 million are available to improve cold chain and transportation equipment.
