Taiwan's resilience will help it survive global trade crisis, Tsai says

London, May 17 (CNA) Former President Tsai Ing-wen (蔡英文) on Saturday said she believes that Taiwan's resilience will again help the country overcome challenges it faces in the ongoing global trade crisis created by the Trump administration's decision to increase tariffs on the United States' global trading partners.

In a speech made at her alma mater, the London School of Economics and Political Science (LSE), Tsai began by sharing her memories of the prestigious school in the United Kingdom, where she was awarded a PhD in Law in 1984.

"At LSE, I met students and faculty from all over the world and from different fields of study. I thoroughly enjoyed the diversity and the academic environment here, where discussions of issues relating to our respective countries and the world are strongly encouraged," Tsai said.

The years in LSE helped her master the English language and communication skills as well as enhance her critical thinking, according to Tsai.

Most importantly, Tsai said she learned to listen to people with whom she disagreed.

"My experience at LSE made me the kind of trade negotiator I was, and it prepared me for my career in academia, and above all, in politics," Tsai said.

Changing the subject to current international politics, the former president of Taiwan from 2016 to 2024 said the global community is experiencing a "new geopolitical landscape that can be defined by the uncertainty and unpredictability surrounding the existing trade and security orders."

"The trade conflicts we are seeing now are challenging the decades-old international trade rules and order," she said.

The former president said Taiwan, which largely depends on international trade in its economy, is also vulnerable to shifts in the global trade system.

However, Tsai stressed that Taiwan has withstood numerous global crises over the past decades, as it was able to "transform adversity into opportunity" during these challenges.

"The reason that Taiwan could weather each global trade crisis was because Taiwan never retreated into protectionism. Instead, Taiwan reinforced its economic fundamentals and enhanced industrial competitiveness," Tsai said.

According to Tsai, Taiwan's positive attitude toward challenges has enabled it to form a strategy to go beyond China's "Red Supply Chain" competition.

Taiwan managed to maintain its competitiveness by becoming an "indispensable provider of key components in the global supply chains" through the strategy of "hidden champions."

"In other words, Taiwanese companies strive to be the best partner in certain niche markets, through providing the best quality products with the most reliable services in the global supply chain," Tsai said.

"Taiwan's experience through different adjustment periods of the world trading system gave us added confidence in facing the current U.S. administration's tariff-driven efforts to reduce the trade deficit," she added.

Tsai said she is confident that Taiwan's current administration will do its best to engage the U.S. in dialogue and support its industries to make adjustments accordingly so that Taiwan can remain competitive and continue to contribute to the global trading system.

Aside from challenges in international trade, Taiwan and democracies around the world are also experiencing challenges in the security environment, Tsai noted.

"What this means is that we will have to be even more aware of and responsive to the attempts that seek to weaken our democracies and destabilize our societies. This will require that we all enhance and bolster our resilience," Tsai said.

Tsai is currently visiting the U.K. as part of her second European tour since leaving office last May. Over the past week, she has visited Lithuania and Denmark.