TAIPEI (TVBS News) — Premier Cho Jung-tai (卓榮泰) updated Taiwan's parliament, the Legislative Yuan, on Monday (Aug. 25) regarding ongoing tariff negotiations with the United States. The premier assured legislators that his administration would provide full transparency to both parliament members and the public once negotiators reach an agreement with Washington. Taiwan's government continues working to secure more favorable trade terms amid escalating economic tensions with its largest trading partner.
The United States implemented new reciprocal tariff rates globally on Aug. 7, setting Taiwan's temporary rate at 20% above existing levels, down from the previously announced 32% on Aug. 2. Cho stated that Taiwan aims to negotiate more favorable and reasonable reciprocal tariff rates while addressing Section 232 trade provisions. The government seeks to avoid compounded rates that would further burden Taiwan's export-dependent economy.
Deputy Premier Cheng Li-chiun (鄭麗君) and Minister without Portfolio Yang Jen-ni (楊珍妮) lead Taiwan's negotiation team, which includes representatives from various government ministries. Cho emphasized Taiwan's commitment to increasing imports of U.S. agricultural and industrial products, including soybeans, corn, wheat, oil, and natural gas. The premier highlighted these imports as crucial for maintaining Taiwan's food and energy security amid global supply chain uncertainties.
As of Aug. 15, 73 businesses affecting 2,388 employees have implemented reduced working hours due to tariff impacts on their operations. Taiwan's cabinet, the Executive Yuan, passed an amended draft of a special act on Aug. 14 to strengthen the island's economic resilience against trade disruptions. Cho reiterated the significant impact of U.S. tariff policy on Taiwan's industries and pledged continued negotiations to secure better rates for local exporters. ◼