Taiwan government prepares for trade escalation between US and China
TAIPEI (Taiwan News) – President Tsai Ing-wen (蔡英文) has ordered government departments and institutions to prepare for an escalation of the trade war between the United States and China.
After the U.S. decided to raise tariffs on Chinese goods Friday (May 10), Tsai met with the National Security Council, Ministry of Economic Affairs, Central Bank, Council of Agriculture, and Council of Mainland Affairs to produce an action plan in response to U.S.-China and global trade developments. The plan (因應美中及全球貿易新情勢行動綱領), released on Friday, lists eight directions for the relevant agencies to follow through on.
The president ordered the relevant government agencies to be: “Hyper aware of the international trends; further stabilize the financial economy; provide assistance to Taiwanese businesses and help them return from China to Taiwan at speed; upgrade the industrial sector from processing exports to an innovative business orientation; bring structural change to the domestic economy by focusing on innovation, employment, and distribution; expand international partnerships; counter China’s inducements; and better maintain trade order.”
The Presidential Office also put out a press release on Friday night saying that the government will put Taiwanese businesses and the people’s interest first, and respond to the U.S.-China trade war accordingly.