Taiwan-U.S. tariff talks proceeding smoothly: President Lai

Taipei, April 12 (CNA) President Lai Ching-te (賴清德) said Saturday that Taiwan has officially begun negotiations with the United States on reciprocal tariffs, describing the process as "smooth."

Speaking at a Rotary International conference in Taipei, Lai sought to reassure the public, saying that although the new U.S. tariff policy presents a challenge, there is no need to panic, as Taiwan's economy remains fundamentally resilient.

Of Taiwan's more than US$400 billion in annual exports, only 23.4 percent go to the U.S., he said.

Lai said that Taiwan would not respond with retaliatory tariffs and remains committed to close collaboration with the U.S., particularly in enhancing the country's position in the global supply chain.

He added that the government had rolled out a series of response strategies to cushion the impact, including efforts to improve tariff terms through negotiation, provide support for affected domestic industries, and accelerate long-term economic development plans.

In addition to forming a dedicated negotiation team, Taiwan also plans to increase its procurement of U.S. goods in a bid to help narrow the bilateral trade deficit, Lai said.

Lai said efforts are also being made to deepen industrial and trade cooperation, remove longstanding nontariff barriers, and address U.S. concerns regarding export controls on high-tech goods.

U.S. President Donald Trump's "reciprocal tariffs" on imports from dozens of countries -- including a blanket 32 percent levy on most Taiwanese goods -- were scheduled to take effect on Wednesday.

However, on Wednesday afternoon (U.S. time), Trump announced a 90-day pause on the new measures, with reduced 10 percent duties to be applied instead to all but China.

According to Taiwan's Office of Trade Negotiations, representatives of Taiwan and the U.S. held their first meeting on tariffs via a teleconference Friday (U.S. time) and will hold further talks in the near future.