Taiwan’s Leader Signals Ongoing Talks with U.S. to Reduce Tariff Rate
(MENAFN) Taiwan’s leader described the United States’ newly imposed 20% tariffs on Taiwanese products as "provisional," signaling ongoing discussions aimed at reducing the rate, media reported Friday.
Vice President Lai Ching-te stated that both parties have concluded "technical consultations," highlighting that Taiwan’s delegation remains firm on protecting national and industrial interests alongside ensuring food safety and public health.
Lai expressed optimism that the tariff could be decreased once a final deal is secured.
This announcement follows US President Donald Trump’s executive order on Thursday adjusting tariff rates affecting multiple countries, including Taiwan, ahead of the Aug. 1 trade deadline.
New Zealand condemned the US tariff, branding the 15% duty on its exports as “unwarranted.” Trade Minister Todd McClay argued that New Zealand is being unjustly targeted despite having a relatively minor trade deficit with the US.
"It appears it has been done based upon countries that have a trade deficit with the US, who sell them more than they buy. In New Zealand's case, that's about half a billion US dollars and in a scheme the size of the US economy it's really not significant or meaningful," McClay told media.
Thailand welcomed its tariff cut to 19%, down from a proposed 36%. Deputy Prime Minister and Finance Minister Pichai Chunhavajira said the revised rate reinforces the strong US-Thailand relationship and is expected to boost investor confidence and economic growth.
Cambodia also accepted a 19% tariff and disclosed the purchase of 10 Boeing aircraft from the US, a notable development after Trump had earlier imposed 49% tariffs threatening Cambodia’s textile industry.
Bangladesh succeeded in lowering its US tariff to 20% from an initial 35% after a third round of negotiations.
“Today, we successfully avoided a potential 35% reciprocal tariff. That’s good news for our apparel sector and the millions who depend on it," said Bangladesh security adviser Khalilur Rahman, who led the talks.
The executive order sets a range of tariffs on Asia-Pacific nations: 15% on Afghanistan, 20% on Bangladesh, 25% on Brunei, 19% on Cambodia, 25% on India, 19% on Indonesia, 15% on Japan, 40% on Laos, 15% on Fiji, 19% on Malaysia, 40% on Myanmar, 15% on New Zealand, 19% on Pakistan, 15% on Papua New Guinea, 19% on the Philippines, 15% on South Korea, 20% on Sri Lanka, 19% on Thailand, and 20% on Vietnam.
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