Taiwan's foreign minister said today that the temporary suspension of so-called "reciprocal tariffs" announced by the United States president will allow for "detailed and in-depth" talks on trade relations between Taipei and Washington.
With the additional 90 days, we now have more time to conduct detailed and in-depth discussions on economic and trade cooperation between Taiwan and the United States," Lin Chia-lung was quoted as saying by Taiwan's CNA news agency.
The official also stressed the importance of negotiations being based on the principles of "reciprocity and fairness" and stressed that with Trump's new trade policy, relations between Taipei and Washington "could deepen even further."
"The US has taken note of Taiwan's message and responded, and the details and methods of the negotiations will be developed through existing bilateral mechanisms," Lin said.
Taiwan's Economic Affairs Minister Kuo Jyh-huei confirmed that support for the island's small and medium-sized businesses will continue despite the temporary suspension of "reciprocal tariffs."
The reduction in the tariff penalty means that virtually all US trading partners, including Taiwan, will be penalized for the next three months with a "reduced" 10% tariff, the rate that began to be applied across the board last Saturday to all products imported into the US.
Trump justified the truce by the fact that more than 75 countries had already contacted his administration to negotiate.
Taiwan's leader William Lai reiterated earlier this week that Taipei will not impose "retaliatory tariffs" against the US, but will seek dialogue with Washington based on the premise of "zero bilateral tariffs."
While Taiwan's semiconductors - the main driver of its economy - were excluded from the tariffs, the move raised concerns about the more hostile trade environment between Taipei and Washington.
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