TAIPEI (TVBS News) — President Lai Ching-te (賴清德) announced Tuesday (Oct. 21) that Taiwan's tariff negotiations with the United States have avoided currency issues while targeting reduction of the current 20% provisional tariff. Speaking at the Taiwan International Tools and Hardware Expo (台灣國際五金工業展x工具博覽會), Lai expressed expectations for favorable progress and emphasized securing most-favored-nation status for Taiwan.
Lai emphasized Taiwan's hand tools and hardware components maintain high value and competitiveness in global markets despite mounting challenges. The president assured industry leaders that his government will address geopolitical risks, supply chain restructuring, and U.S. tariffs. Taiwan's administration remains committed to preserving the island's leading market position amid international trade tensions.
The president expressed gratitude to the Legislative Yuan (立法院), Taiwan's parliament, for approving a NT$93 billion (around US$3.1 billion) tariff impact support plan. The comprehensive initiative provides financial assistance, encourages research and development upgrades, and supports business expansion into international markets. Government funding will assist affected enterprises in participating in domestic and international exhibitions to maintain competitiveness.
Lai emphasized the government's commitment to stabilizing employment for affected small and medium-sized enterprises and subsidizing employee salaries during trade disruptions. He urged businesses to leverage available government resources to navigate current challenges and opportunities in international commerce. The president reinforced Taiwan's critical role in global supply chains amid ongoing geopolitical and economic uncertainties. ◼ (At time of reporting, US$1 equals approximately NT$30)