The Taiwan government has announced a plan to offer local companies and industries about $ 2.7 billion as support to mitigate the impact of new US tariffs. The US should apply a 32% rate on Taiwanese imports, although they have exempted the semiconductors.
Taiwan is a large semiconductor center, with over 90% of the world’s most advanced chips in the country.
US President Donald Trump complained that Taiwan “stole” the US semiconductor industry. More recently, however, Trump softened his tone on Taiwan following the announcement of Taiwan Semiconductor Manufacturing Co. of an investment of $ 100 billion in the US.
In a statement on Thursday after the announcement of Trump’s tariff, the Taiwan government classified tariffs as “highly irrational.”
Taiwan’s Office spokeswoman Lee Hui-Chih said the tariffs do not reflect the real economic and commercial relationship between the two economies.
Taiwan will start formal negotiations with Washington on the issue, she added in a statement.
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Source: Dow Jones Newswires