Taiwan Eyes Tariff Negotiations Amid U.S. Trade Challenges
Taiwan's president announced that 20% U.S. tariffs are temporary and promised further reductions following negotiations. U.S. President Trump's order has implemented tariffs on imports from various partners. Taiwan aims to enhance trade relationships with key partners, notably the U.S., to address economic challenges and secure its position in the global supply chain.
Taiwan's president declared on Friday that the 20% tariffs imposed by the U.S. are temporary measures. He assured that the government would lobby for more favorable rates as they finalize discussions.
In a Facebook post and cabinet statement, Lai Ching-te highlighted that the tariffs could be further reduced once an agreement is reached. This comes after U.S. President Donald Trump signed an executive order on Thursday imposing tariffs between 10% and 41% on imports from multiple regions.
As Taiwan prepares for a crucial press briefing, it remains focused on fortifying trade relations with key partners, especially the U.S., its second-largest trading partner after China. Last year, Taiwan had a significant trade deficit with the U.S., which could influence Taiwan's trade strategies and is vital for its export-oriented economy.
(With inputs from agencies.)
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