Taiwan to study U.S. auto tariffs, help affected industries: Minister

Taipei, March 27 (CNA) Taiwan's government is still clarifying the exact details of planned U.S. auto tariffs, but will assist affected industries if necessary, Finance Minister Chuang Tsui-yun (莊翠雲) said Thursday.

During a meeting of the Legislature's Finance Committee, Chuang was asked about U.S. President Donald Trump's announcement that the U.S. will impose a 25 percent tariff on all automobiles and auto parts imported to the country from April 2.

Taiwan currently has around NT$3.1 billion (US$93.6 million) in auto-related exports to the U.S., of which more than 90 percent are all-terrain vehicles (ATVs) with engines of 1,000 cc or less, Chuang said.

Taiwan's government is still working to clarify whether these products will be subject to the tariffs, but if they are, the Ministry of Economic Affairs (MOEA) will likely work with affected companies to mitigate the tariffs' impact, Chuang said.

Meanwhile, Chuang said she "wouldn't speculate" but had prepared a "response plan" for if Taiwan is included in the "dirty 15" -- a group of countries with large trade deficits with the U.S. that Washington plans to impose high tariffs on from April 2.

In 2024, Taiwan's US$73.9 billion trade deficit was the sixth-largest in the world, behind only China, Mexico, Vietnam, Ireland and Germany, according to data from Taiwan's Central Bank.

Asked about the possibility that Taiwan will be included on the list, Deputy Economics Minister Cynthia Kiang (江文若) said the government was taking steps to reduce the trade imbalance, including drawing up a list of potential goods that could be purchased from the U.S.

For example, Taiwan's state-run CPC Corp. recently signed a letter of intent to purchase liquid natural gas from the U.S. state of Alaska, and is also considering stepping up oil imports from the U.S., Kiang said.

At present, however, Taiwan's purchasing targets and the status of its negotiations with the U.S. government cannot be made public, Kiang said.