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Taiwan’s Central Bank Governor Yang Chin-long
No plan to depreciate NTD in face of trade war: Central Bank (CNA file photo)
Taiwan’s Central Bank Governor Yang Chin-long says the government has no plans to depreciate the Taiwan dollar in order to prop up exports in the face of a possible trade war between China and the United States.
Yang told the legislature on Monday that trade frictions between Beijing and Washington have cooled down a bit.
On March 23, US President Donald Trump raised duties on imported aluminum and steel products on the grounds of national security. China then accused the United States of violating the rules of the World Trade Organization (WTO). In order to safeguard its interests, China responded by imposing tariffs on 128 US imports, including fruit, pork and wine, beginning on Monday.
Yang has offered suggestions of ways that local industry can maintain a competitive edge in the face of a possible trade war. He says Taiwan’s IT industry should focus on creating products that have high added value in order to minimize the impact. He says the local service industry can also incorporate information technology into their offerings in order to boost added value.