Taiwan Plans Additional $10 Billion Support Package to Offset U.S. Tariffs

On Thursday, Taiwan's premier suggested an additional $10 billion in expenditures as a special budget to assist the economy in coping with the effects of U.S. tariffs. Taiwan was scheduled to face 32 per cent of U.S. tariffs two weeks back, but President Donald Trump suspended his "reciprocal tariffs" for a period of 90 days. At a press conference in Taipei, Premier Cho Jung-tai announced that the original T$88 billion ($2.71 billion) aid package would be expanded to as much as T$410 billion ($12.61 billion), which will include financial support for businesses, initiatives to stabilise the job market, and electricity subsidies.

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The special budget must receive approval from parliament, where opposition parties hold a majority and have enforced significant cuts on Taiwan's primary budget this year, claiming they are focusing on eliminating waste. The government of Taiwan has already initiated discussions with the United States regarding tariffs and committed billions of dollars in additional purchases to lessen the island's significant trade surplus. President Lai Ching-te stated on Tuesday that boosting imports of U.S. natural gas and oil is a priority in Taiwan's tariff discussions with the United States.

($1 = 32.5130 TWD)