Taipei: President Lai Ching-te on Saturday met with representatives from the information and communications technology (ICT) industry which will soon face heavy tariffs on products exported to the U.S.
According to Focus Taiwan, Presidential Office spokesperson Karen Kuo stated that the meeting took place at the presidential residence, where Lai "listened to the views and needs" of the ICT industry. The government also outlined its planned NT$88 billion response measures to the business representatives, aiming to provide support and mitigate the impact of the proposed duties on Taiwan's exports. Kuo added that Lai would meet with representatives from traditional industries and small and medium-sized enterprises on Sunday.
At a news conference on Friday, Premier Cho Jung-tai noted that Taiwan should be "braced for some shocks" after U.S. President Donald Trump announced an import tax of 32 percent on most Taiwanese goods. The Cabinet has estimated that electronics and information technology industries will be hit hardest, as ICT products accounted for 52 percent of total Taiwanese exports to the U.S. in 2024, followed by electronic components (13.4 percent) and automobile parts (1.8 percent).
Meanwhile, Cho met with top financial officials on Saturday to discuss ways to stabilize financial markets, as stated by the Cabinet. Taiwan's financial markets are closed for Tomb Sweeping Day and Children's Day from Thursday to Sunday. However, U.S. stocks tumbled after Trump's announcement of sweeping tariffs, with the S and P 500 losing 10 percent in two days.
Sources familiar with the matter told CNA that the committee of the National Financial Stabilization Fund, tasked with stabilizing the Taiwanese stock exchange during economic crises, would be ready to convene any time after financial markets re-open on Monday. Taiwan is among the countries facing the "reciprocal tariffs," set to take effect on April 9, in what Trump described as an effort to address unbalanced trading relationships. Taipei has labeled the tariffs "unfair to Taiwan" and plans to negotiate with Washington to reduce the duties or limit their scope.