Taiwan President meets ICT industry representatives amid US tariff concerns

TAIPEI(Taiwan): Taiwanese President Lai Ching-te on Saturday held a meeting with representatives from the information and communications technology (ICT) sector, which is set to face significant tariffs on exports to the United States, according to a report by Focus Taiwan.

As per a statement from Presidential Office spokesperson Karen Kuo, the meeting took place at the presidential residence, where President Lai listened to the concerns and needs of the ICT industry.

During the meeting, the government outlined its plans for a response package worth NT$88 billion, aimed at offering support to businesses and helping to mitigate the impact of the new tariffs on Taiwan’s exports.

Kuo further mentioned that Lai is scheduled to meet with representatives from traditional industries and small to medium-sized enterprises on Sunday.

The Cabinet has estimated that electronics and information technology industries will be hit hardest, as ICT products accounted for 52 per cent of total Taiwanese exports to the US in 2024, followed by electronic components (13.4 per cent) and automobile parts (1.8 per cent), Focus Taiwan reported.

Earlier on Friday, Taiwan’s Premier Cho Jung-tai announced that USD 2.66 billion (NT$88 billion) would be allocated to support the industrial and agricultural sectors in response to the latest US tariff policy.

Speaking at a news conference in Taipei on Friday, Cho outlined government initiatives to assist export supply chains following US President Donald Trump’s decision to impose a 32 per cent reciprocal tariff on Taiwanese imports, the Taipei Times reported.

The government revealed a series of 20 measures aimed at supporting affected industries. Of the NT$88 billion, NT$70 billion will be directed towards the industrial sector to help cover administrative costs, enhance competitiveness, diversify markets, offer tax incentives, and stabilise employment. Meanwhile, NT$18 billion will be allocated to assist the agricultural sector, Cho stated.

On April 2, Trump announced a widespread imposition of tariffs on countries worldwide. As per the announcements, the import tariffs on other major countries are China (34 per cent), the European Union (20 per cent), Vietnam (46 per cent), Taiwan (32 per cent), Japan (24 per cent), India (26 per cent), the United Kingdom (10 per cent), Bangladesh (37 per cent), Pakistan (29 per cent), Sri Lanka (44 per cent), and Israel (17 per cent). (ANI)