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Published Date: 2018-03-04
Cabinet Minister John Deng responded on Sunday to reports of a new US tariff on steel imports.
US President Donald Trump announced last week that a 25% tariff will be imposed on steel imports and a 10% tariff on aluminum imports starting this week. The move was met with a swift protest from the EU and China. Taiwan’s economics ministry said the tariffs are rooted in protectionism and will damage international free trade.
Cabinet Minister John Deng said Sunday that Taiwan will monitor forthcoming comments from Trump, and any word of how the US plans to put the tariff in place. He said if it hurts Taiwan’s interests, then Taiwan will attempt to enter negotiations with the US. He said that Taiwan would not give up any of its rights as a member of the World Trade Organization (WTO).
Last year, the United States imported US$3.6 billion worth of steel products from Taiwan, a figure accounting for nearly 6% of total US steel imports. Taiwan’s economics ministry says it remains to be seen whether the new tariff will be added on top of existing tariffs.