TAIPEI (TVBS News) — National Development Council (國發會, NDC) Minister Liu Chin-ching (劉鏡清) reassured stakeholders in the Legislative Yuan (立法院), Taiwan's parliament, Thursday (Aug. 7) regarding the United States implementing a punitive 100 percent tariff on semiconductors. Liu cited Taiwan's robust economic growth in the first half of the year and continued support from the mobile technology and NVIDIA GB300 sectors to confidently maintain a 3 percent annual growth rate. The minister's reassurance comes amid escalating trade tensions that threaten Taiwan's crucial semiconductor industry.
Liu reported to the Legislative Yuan's Economic Committee (經濟委員會), Taiwan's parliamentary economic oversight body, that Taiwan's economy surged by more than 6 percent in the first half of the year. The minister acknowledged that while growth momentum will inevitably slow in the second half, Taiwan will still achieve more than 1 percent growth during that period. A comprehensive NDC report outlined strategic measures to support export supply chains in direct response to U.S. tariffs, aiming to stabilize the annual growth rate above 3 percent.
The NDC revealed that Taiwan's cabinet, the Executive Yuan (行政院), launched a comprehensive economic plan in April featuring nine strategic focuses and 20 specific measures, allocating NT$93 billion (around US$3.1 billion) for industrial and agricultural support. Premier Cho Jung-tai (卓榮泰) instructed government ministries August 1 to review and expand these measures for a special budget proposal to the Legislative Yuan. The council emphasized that executing this substantial budget will help Taiwan's industries adapt to the emerging global trade order while boosting economic development through increased domestic demand. ◼ (At time of reporting, US$1 equals approximately NT$29.890)