Kung Ming-hsin emphasizes tariff response after taking office as economics minister

Taipei, Sept. 1 (CNA) Kung Ming-hsin (龔明鑫) took office Monday as Minister of Economic Affairs, saying he would "prioritize the economy" and take action on response measures to tariffs.

"I believe Taiwan will always have a path to follow in any situation," Kung told reporters after the ceremony, addressing the United States' August announcement of a 20 percent tariff on Taiwanese imports.

"Tariffs are a pretty complicated matter," he said. "If competitors seize the U.S. market with lower tariffs, it means non-U.S. markets open up very big opportunities."

"It is not entirely the case that high tariffs mean there is no way forward," Kung added. "It depends on the situation."

Kung expressed thanks to Taiwan's Legislature for passing a special act to strengthen economic, social and defense resilience amid global challenges, noting that the measure provides NT$93 billion (US$3 billion) in industrial support.

"The Cabinet will soon submit a special budget," he said, adding that it has already instructed ministries to provide urgent assistance.

Kung said he would meet with industry and commerce representatives later in the day, then visit central and southern Taiwan over the next couple of days to "learn about the situation of individual enterprises and propose countermeasures."

Kung, who previously served as head of the National Development Council and as a deputy economics minister, was secretary-general of the Executive Yuan before becoming economics minister.