Taiwan's Bold Response to U.S. Tariff Challenge

Taiwan's government has announced a financial aid package exceeding T$288 billion to assist industries affected by new U.S. import tariffs. The measures include funding and interest rate reductions to support sectors like electronics and steel. Officials are negotiating with the U.S. to mitigate tariff impacts.

Taiwan's government unveiled a substantial financial aid package totaling at least T$288 billion to support industries grappling with the effects of recent U.S. import tariffs. The announcement aims to cushion the economic blow from the new tariffs imposed by the U.S., which are particularly high for several of Taiwan's trading partners.

The new tariffs, effective from Wednesday, exclude semiconductors, a crucial export for Taiwan. Nevertheless, electronics and steel industries are among those hit hardest. Premier Cho Jung-tai emphasized the government's duty to manage risks and address industry needs, promising T$88 billion in support for the affected sectors.

Finance Minister Chuang Tsui-yun announced an interest rate cut on loans for exporters worth T$200 billion. As financial markets prepare to reopen following a holiday, Taiwan is actively negotiating with the U.S. to ease the tariffs while refraining from any retaliatory measures.

(With inputs from agencies.)