Taiwan's government pledged support to companies considering relocation to the United States in response to US President Donald Trump's imposition of new tariffs on goods from China, Mexico, and Canada. The move aims to mitigate the impact of the tariffs on Taiwanese businesses, many of which have production facilities in the affected countries. Taiwan's economy ministry will provide information and assistance to companies seeking to relocate, including identifying potential US investment destinations, clarifying local laws, and facilitating partnerships with American businesses. Moreover, the government's Industrial Technology Research Institute in North America will actively promote collaborations between Taiwanese and US companies in research and development and manufacturing.
TAIPEI — Taiwan will support companies planning to relocate to the United States, including helping them find partners, the economy ministry said on Monday, outlining assistance it will offer after US President Donald Trump's new tariffs. Trump's orders for additional levies of 25 percent on imports from Mexico and most goods from Canada, as well as 10 percent on goods from China, were light on detail.
But they kick in on Tuesday and have jolted markets as investors feared a broader trade war could severely hurt global growth.Taiwan, whose companies are key producers of tech products such as semiconductors and electronics parts, is vulnerable given that many have factories in both Mexico and China and because Trump has also threatened tariffs on imported chips. Taiwan's economy ministry, in a statement detailing measures to help companies affected by the new US tariffs, said it will provide information for firms that want to relocate, such as possible US states to invest in, local laws and assistance in finding partners. The government's Industrial Technology Research Institute branches in North America will also actively promote research and development and manufacturing cooperation between Taiwanese and US companies, it added. The ministry said it will continue to pay close attention to changes in international trade and maintain communication with companies to provide them with 'the most timely support and assistance to ensure that they find the best strategies to cope with the changes.' Taiwan's marquee investment in the United States is $65 billion from chipmaker TSMC to build factories in Arizona, a plan begun in 2020 under Trump's first administration. Shares in Taiwanese tech companies with factories in Mexico fell heavily on Monday, with Foxconn closing down 8.1 percent, Quanta down 9.8 percent, and Inventec was off 6.7 percent. Taiwan's benchmark index ended down 3.5 percent. Financial markets in Taiwan re-opened on Monday after the weeklong Lunar New Year holiday. Taiwan is also eager to ensure its companies continue moving away from China, which has ramped up military and political threats to assert its sovereignty claims over the island.Taiwan President Lai Ching-te, speaking in Taipei on Monday to Taiwanese companies who have invested in China, said the government will maintain friendly policies to support those firms who wish to invest instead in Taiwan
TRADE WAR TARIFFS TAIWAN UNITED STATES RELOCATION SEMICONDUCTORS ELECTRONICS
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump Administration Freezes Foreign Aid, Leaving Aid Groups in LimboThe Trump administration has implemented a sweeping freeze on billions of dollars in foreign assistance, causing significant disruption to humanitarian aid organizations. Dozens of senior officials at the US Agency for International Development (USAID) have been placed on leave, thousands of contractors have been laid off, and a 90-day review of all funded programs is underway. Aid groups fear the funding freeze and lack of clarity will force them to halt essential programs, jeopardizing the lives of vulnerable populations.
Read more »
Taiwan-Philippines Foundation Supports Fil-Chi Students' Education in TaiwanThe Taiwan-Philippines Educational Development Foundation held its fourth and fifth Board of Directors inauguration ceremony, marking a key milestone in supporting underprivileged Filipino-Chinese students pursuing higher education in Taiwan. The event also featured the Taiwanese Association of the Philippines’ leadership handover, welcoming Pai Shih-jung as the new president.
Read more »
Ukraine Allies Meet Ahead of Trump's Return, Biden's Aid Package ExpectedUkrainian President Volodymyr Zelenskyy will meet with Western allies at Ramstein Air Base in Germany as Donald Trump prepares to return to the White House. The meeting, the last before Trump's inauguration, will focus on continued military support for Ukraine amid Russia's ongoing invasion.
Read more »
Trump, Xi reaffirm ties but Taiwan comes in betweenCHINESE President Xi Jinping congratulated US President-elect Donald Trump in a phone call, expressing hope that the relations between their two countries would be more harmonious as they work together toward global peace while 'respecting each other's core interests, highlighted by the delicate nature of the Taiwan issue.
Read more »
Trump Doubts Gaza Truce Will Hold as Aid Flows and Hostages ExchangedThe Israel-Hamas ceasefire entered its third day with humanitarian aid flowing into Gaza and hostages exchanged. US President Trump expressed doubt about the truce's longevity. The first phase of the agreement involves the release of 33 Israeli hostages and 1,900 Palestinians over 42 days.
Read more »
PH-US ties ‘ironclad’ despite Trump’s foreign aid reviewThe United States government under the newly-installed Trump administration reaffirmed its “ironclad” alliance with longtime ally the Philippines during a
Read more »