Lai urges steps to stabilize Taiwan's economy as U.S. tariffs loom

Taipei, March 31 (CNA) President Lai Ching-te (賴清德) has told Premier Cho Jung-tai (卓榮泰) to take steps to guarantee Taiwan's economic stability ahead of the United States’ expected imposition of “reciprocal tariffs” on Wednesday.

In a statement issued Monday morning, Presidential Office spokesperson Karen Kuo (郭雅慧) said Lai heard a presentation by Cho and members of the government’s “Taiwan-U.S. trade work group” on Sunday evening.

The report included assessments of possible U.S. tariff levels, modeling and estimates of their economic impact, and various potential response plans, Kuo said.

Lai instructed Cho’s government and his national security team to continue working to “safeguard national interests and economic growth and development,” and to provide necessary help and support to industries that might be affected by the tariffs, Kuo said.

Meanwhile, in a separate statement Monday morning, the Executive Yuan’s Office of Trade Negotiations said it had been preparing for the imposition of tariffs and evaluating their possible impact for over two months, and had already developed “multifaceted response plans.”

U.S. President Donald Trump has pledged to impose “reciprocal tariffs” on “all countries” from Wednesday, as part of his administration’s efforts to rebalance global trade and boost U.S. manufacturing.

There has been speculation that Taiwan could be in line for particularly high tariffs, as its US$73.9 billion trade deficit with the U.S. in 2024 was the sixth-largest in the world, behind only China, Mexico, Vietnam, Ireland and Germany.

Faced with the threat, Taiwan has recently taken steps to reduce the trade deficit, such as by signing a letter of intent to buy liquid natural gas from the U.S. state of Alaska and drawing up a list of potential goods that could be purchased from the U.S., according to government officials.