Cross-party meeting on response to U.S. tariffs to be held Monday

Taipei, April 6 (CNA) Taiwan's two biggest opposition parties have agreed to attend a cross-party meeting called by the Executive Yuan on Monday to discuss its NT$88 billion (US$2.65 billion) proposal to assist Taiwanese businesses, in the wake of sweeping tariffs announced by United States President Donald Trump.

The main opposition Kuomintang (KMT) and smaller Taiwan People's Party (TPP) will attend the afternoon meeting at the Executive Yuan, legislative caucus whips from both parties told the media Sunday.

The KMT's Fu Kun-chi (傅崐萁) said the KMT would attend the 2 p.m. meeting and support the Cabinet's proposal "as long as it is feasible."

TPP caucus whip and party chair Huang Kuo-chang (黃國昌) said the party is willing to attend the meeting called by Premier Cho Jung-tai (卓榮泰) to reflect the voices of the Taiwanese people amid the ongoing "national crisis" in the face of the imminent U.S. tariffs.

The ruling Democratic Progressive Party (DPP) needs the support of the opposition KMT and TPP over the proposed NT$88 billion because the opposition holds a majority in Taiwan's 113-seat Legislature.

According to Vice Premier Cheng Li-chiun (鄭麗君), the ruling DPP government plans to spend NT$70 billion of the proposed NT$88 billion on measures such as lowering loan interest rates, reducing administrative costs and expanding tax exemptions for Taiwanese industries affected by the tariffs.

The remaining NT$18 billion will be used to support the agricultural sector through loans, interest subsidies, equipment subsidies, and other measures, Cheng said in a Friday Cabinet press event.

These measures are being proposed in response to the announcement made by the Trump administration Wednesday (Washington time) that most Taiwanese goods imported into the U.S. will face a tariff of 32 percent from April 9.