Taiwan unveils US$8.7 billion in help for companies to deal with US tariffs

[TAIPEI] Taiwan’s government on Friday (Apr 4) announced at least US$8.74 billion in financial help for companies and industries to deal with the impact of US tariffs, including export credits.

US President Donald Trump on Wednesday announced across-the-board import tariffs, with much higher duties for dozens of trading partners, including Taiwan, which runs a large trade surplus with the United States and is facing a 32 per cent duty on its products.

The US tariffs, however, do not apply to semiconductors, a major Taiwanese export.

Speaking at a news conference in Taipei, Premier Cho Jung-tai reiterated that the government regarded the tariffs as unreasonable, saying it would provide NT$88 billion (S$3.56 billion) to help companies affected.

Finance Minister Chuang Tsui-yun, speaking next to Cho, said the government would also provide T$200 billion in trade financing for exporters.

The announcements were made before financial markets re-open in Taiwan on Monday, having been closed on Thursday and Friday for a holiday.

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Taiwanese government officials have repeatedly said trade with the US has been skewed by strong demand for Taiwanese technology products, such as advanced semiconductors – a sector dominated by the island, home to major chipmaker TSMC.

TSMC last month announced a new US$100 billion investment in the United States. REUTERS