Taiwan will be among the first trading partners to begin tariff talks with Washington, President Lai Ching-te said Friday, as the island’s economy minister projected over $200 billion in potential U.S. imports, largely in the energy sector.
U.S. President Donald Trump said on Wednesday he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China. Taiwan, a major semiconductor producer, was due to be hit with 32% tariffs.
Asian Countries Begin Negotiations
Countries around Asia have already said they have begun or are preparing to begin talks with Washington over the tariffs, and the White House has said nearly 70 countries have reached out to begin negotiations.
“We are in the first batch of negotiations, and the government will be well prepared,” Lai told business leaders in the central Taiwanese city of Taichung, in comments broadcast live by local media, without offering a timeframe.
“Taiwan’s desire to strengthen economic and trade cooperation with the United States over the past years can be (fulfilled) by taking this opportunity,” he added.
The office of the United States Trade Representative did not immediately respond to a request for comment sent outside of office hours in Washington.
Taiwan Eyes Bigger Trade Deal
Speaking to reporters at parliament in Taipei, Economy Minister Kuo Jyh-huei, who said on Thursday Taiwan could buy $200 billion more from the U.S. over 10 years and increase LNG imports as part of a trade deal, said it could be more than that amount.
“This is just the part from the economy ministry,” he said, adding much of the imports could be energy-related.
Taiwan has not said when formal talks with the United States might start.
But Foreign Minister Lin Chia-lung told reporters he hoped a consensus with the United States could be reached within 90 days.
“Taiwan and the United States have been communicating smoothly and have continued to make arrangements for the tariff talks,” he said.
President Lai on Sunday offered zero tariffs as a basis point for talks with the United States, saying Taiwan would buy more from and invest more in the country.
Free Trade Deal
Taiwan, home to the world’s largest contract chipmaker TSMC, has long sought a free trade deal with the United States.
The United States is Taiwan’s most important international backer and arms supplier, despite the absence of formal diplomatic ties.
Taiwan faces increased military and political pressure from its giant neighbour, China, which views the democratically governed island as its own territory. Taiwan’s government rejects those claims, saying only the island’s people can decide their future.
(With inputs from Reuters)
