In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, pushing global stocks higher.
Speaking to reporters at parliament, Taiwan Foreign Minister Lin Chia-lung said the government was dedicated to increasing its purchases from and investments in the United States and to reduce the island's trade surplus with its most important international backer.
“We hope to take advantage of the huge U.S. market, their excellent technology capital and talent, to form a Taiwan-U.S. coalition, a joint fleet approach,“ he added.
Taiwan President Lai Ching-te on Sunday pledged to seek a zero tariff regime with the United States, and said that Taipei would not retaliate in response to the tariffs.
Taipei-listed shares in TSMC, the world's largest contract chipmaker, as well as those for iPhone maker Foxconn , rebounded close to 10%. Both are major suppliers to U.S. companies, including Apple and Nvidia.
A trade war, and reciprocal tariffs, between the United States and China is not good for the global economy, Yang said.
“At present more than 80% is ideal, and we will assess whether to increase it,“ Yang said.
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