Taiwan Gears Up: Relief Package Unveiled to Counter U.S. Tariff Impact

Government Announces Support for Businesses Facing U.S. Tariffs, With Billions in Aid

Taipei, April 19 - The Taiwanese government is set to release comprehensive details next week regarding a support package designed to assist local businesses in navigating the impact of potential U.S. tariffs. Premier Cho Jung-tai (卓榮泰) confirmed the upcoming announcement, highlighting the government's commitment to mitigating the effects of these economic measures.

The specifics of the NT$88 billion (US$2.7 billion) package will be unveiled on Monday. This includes details on how businesses across various sectors, including industrial, agricultural, and fishery industries, can access the available support. Cho revealed this during a meeting with industry representatives.

The announcement was initially planned for earlier this week but was postponed to allow for further revisions. Premier Cho and President Lai Ching-te (賴清德) engaged in ongoing discussions with business representatives, ensuring the package effectively addresses the concerns of companies likely to be most affected by the tariffs.

The package is composed of several key components. The government will allocate NT$70 billion to reduce loan interest rates, facilitate market diversification, and stabilize the job market. An additional NT$18 billion will be dedicated to providing financial assistance to the agricultural sector.

Furthermore, a draft bill for a special budget to finance the proposed package is expected to be finalized on April 24. This bill will subsequently be submitted to the Legislature for approval, underscoring the government's commitment to swift implementation.

The support package was announced in response to the U.S. President Donald Trump's announcement of "reciprocal tariffs" on imports from multiple countries, including Taiwan. Initially, a blanket 32 percent levy on most Taiwanese goods was proposed. While those tariffs were paused, reduced 10 percent duties were imposed on all countries except China.

Simultaneously, negotiations between Taiwanese and U.S. officials regarding the tariffs commenced on April 11. However, both parties have kept details of the discussions private.