Taiwan's Tech Titans Tackle U.S. Tariff Turbulence

Taiwan President Lai Ching-te met technology executives to strategize against new U.S. tariffs. While Taiwan faces a 32% duty on exports to the U.S., its vital semiconductor sector remains unaffected. Lai aims to support industries and maintain Taiwan's competitiveness, with substantial government financial aid pledged for affected companies.

In response to new U.S. tariffs, Taiwan President Lai Ching-te convened with technology industry leaders on Saturday. His aim was to formulate strategies to offset economic impacts and assert Taiwan's position on the global stage. The meeting underscored President Lai's promise to safeguard Taiwan's competitive edge and national interests.

Announced by President Donald Trump, the tariffs impose steep duties on numerous trading partners, including a significant 32% on Taiwanese exports, although semiconductors—Taiwan's major export—are exempt. Lai engaged with representatives from the information and communications technology sector to navigate these challenges.

Foxconn and TSMC, key players in Taiwan's tech landscape, were among those at the discussions. The Taiwanese government has pledged T$88 billion in financial support to buffer businesses from the tariff fallout. Meanwhile, Taiwan deems the tariffs unreasonable and seeks dialogue with the U.S. without planning retaliatory measures.

(With inputs from agencies.)