Taiwan unveils US$8.7 billion in help for companies to deal with US tariffs
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
TAIPEI: Taiwan's government on Friday (Apr 4) announced at least NT$288 billion (US$8.74 billion) in financial help for companies and industries to deal with the impact of US tariffs, including export credits.
US President Donald Trump on Wednesday announced across-the-board import tariffs, with much higher duties for dozens of trading partners including Taiwan, which runs a large trade surplus with the United States and is facing a 32 per cent duty on its products.
The US tariffs, however, do not apply to semiconductors, a major Taiwanese export.
Speaking at a news conference in Taipei, Premier Cho Jung-tai reiterated that the government regarded the tariffs as unreasonable, saying it would provide NT$88 billion to help companies affected.
Finance Minister Chuang Tsui-yun, speaking next to Cho, said the government would also provide NT$200 billion in trade financing for exporters.
The announcements were made before financial markets re-open in Taiwan on Monday, having been closed on Thursday and Friday for a holiday.
Taiwanese government officials have repeatedly said trade with the US has been skewed by strong demand for Taiwanese technology products, such as advanced semiconductors - a sector dominated by the island, home to major chipmaker TSMC.
TSMC last month announced a new US$100 billion investment in the United States.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app