Taiwan opts not to retaliate against Trump's tariffs

ISTANBUL: Taiwan's leader Lai Ching-te said on Sunday that Taipei has no intention of retaliating against the 32 per cent tariff on Taiwanese goods imposed by the United States (US), Anadolu Ajansi (AA) quoted local media, Focus Taiwan, as reporting.

The development came after US President Donald Trump on Wednesday announced sweeping tariffs, ranging from 10 per cent to 50 per cent, on imports from dozens of countries and economic regions -- including US ally Taiwan -- whose exports to the US will face a 32 per cent surcharge.

In a video message, Lai acknowledged the "significant impact" the 32 per cent tariff would have on Taiwan's economy but urged the public not to panic, emphasising the country's strong economic foundations.

"Taiwan has no plans to take retaliatory tariff action in response to the US' 'reciprocal tariffs'. Investments by Taiwanese companies in the US will also proceed without any changes, as long as they align with our national interests," said Lai.

To mitigate the impact of the tariffs, he announced that his government had established a negotiation team to initiate formal discussions with the US.

He further noted that the government would continue to support Taiwanese companies in increasing their investments in the US, particularly in sectors such as electronics, information and communication technology, petrochemicals and natural gas.

-- BERNAMA