Lai meets with ICT industry representatives amid U.S. tariff shock

Taipei, April 5 (CNA) President Lai Ching-te (賴清德) on Saturday met with representatives from the information and communications technology (ICT) industry which will soon face heavy tariffs on products exported to the U.S.

In a news statement, Presidential Office spokesperson Karen Kuo (郭雅慧) said the meeting took place at the presidential residence, where Lai "listened to the views and needs" of the ICT industry.

The government also presented its planned NT$88 billion response measures to the business representatives, Kuo said, adding that the aim is to provide maximum support and mitigate the impact of the proposed duties on Taiwan's exports.

The spokesperson added that Lai would meet with representatives from traditional industries and small and medium-sized enterprises on Sunday.

At a news conference on Friday, Premier Cho Jung-tai (卓榮泰) said Taiwan should be "braced for some shocks" after U.S. President Donald Trump on Wednesday (Washington time) announced an import tax of 32 percent on most Taiwanese goods.

The Cabinet has estimated that electronics and information technology industries will be hit hardest, as ICT products accounted for 52 percent of total Taiwanese exports to the U.S. in 2024, followed by electronic components (13.4 percent) and automobile parts (1.8 percent).

Meanwhile, Cho also met with top financial officials on Saturday to discuss ways to stabilize financial markets, according to the Cabinet.

Taiwan's financial markets are closed for Tomb Sweeping Day and Children's Day from Thursday to Sunday.

However, U.S. stocks tumbled after Trump announced sweeping tariffs on dozens of countries on Wednesday, with the S&P 500 losing 10 percent in two days.

Sources familiar with the matter told CNA that the committee of the National Financial Stabilization Fund, which is tasked with stabilizing the Taiwanese stock exchange in times of economic crisis, would be prepared to convene any time after financial markets re-open on Monday.

Taiwan is among dozens of countries that will face the "reciprocal tariffs," set to take effect on April 9, in what Trump described as an effort to address unbalanced trading relationships.

Taipei has said the pledged tariffs are "unfair to Taiwan" and indicated it would seek to negotiate with Washington to bring down the duties or limit their scope.