Taiwan Gears Up: Premier to Address US Tariff Impact and Chart a Course Forward

The Executive Yuan and Legislature Collaborate to Mitigate Economic Fallout from US Tariffs

Premier Cho Jung-tai (卓榮泰) has committed to presenting a comprehensive report to Taiwan's legislature, detailing the impact of US tariffs on the nation's economy and outlining the Executive Yuan's proposed countermeasures. This development follows the imposition of a 32 percent tariff by the United States on imports from Taiwan, which triggered a significant intraday plunge in the stock market.

At 2 PM yesterday, Premier Cho convened a crucial meeting at the Executive Yuan, bringing together legislative caucuses from across the political spectrum to address the implications of the US tariffs. The meeting aimed to forge a unified approach to navigate the challenging economic landscape.

An anonymous source revealed that Premier Cho acceded to the request for a legislative report, with the specific timing to be determined through cross-caucus negotiations. The source further indicated that the Executive Yuan sought additional time to assess market fluctuations and refine its strategic responses before finalizing the report.

Chinese Nationalist Party (KMT) caucus whip Fu Kun-chi (傅?萁) characterized the US tariffs as a potential national crisis requiring immediate attention. He underscored the detrimental effects on the stock market and the threat to various industries. Fu urged Premier Cho to provide a detailed account of the affected sectors and the government's proposed solutions. The KMT caucus pledged its support, advocating for the utilization of both the existing NT$88 billion (US$2.66 billion) special budget and the NT$143.9 billion budget cuts to aid impacted industries.

Huang Kuo-chang (黃國昌), Chairman of the Taiwan People’s Party (TPP), emphasized the TPP caucus's commitment to prioritizing national interests and assisting in evaluating the Executive Yuan's strategies. Legislative Speaker Han Kuo-yu (韓國瑜), while unable to attend the meeting due to scheduling constraints, issued a notice for a cross-caucus negotiation to be held later in the afternoon to further discuss the matter.

In a related development, Vice Premier Cheng Li-chun (鄭麗君) announced that the administration, under President William Lai (賴清德), is actively seeking to negotiate more favorable tariff terms with Washington. The initiative includes plans to dispatch an agricultural procurement team to the US in August and September to expand procurement efforts. Furthermore, the suspended industrial procurement team will be reinstated.