logo
Taiwan wants US security, tech cooperation despite trade hurdles

Taiwan wants US security, tech cooperation despite trade hurdles

Straits Times12-05-2025

Around 60 per cent of Taiwanese exports to the US fall within the information technology sector and are mainly semiconductors. PHOTO: REUTERS
Washington - Taiwan is seeking deeper military and economic cooperation with the United States despite tariffs imposed by US President Donald Trump that have rattled business leaders on the island, a Taiwanese official said on May 11.
The United States, a vital security ally for the island threatened by China, in April imposed hefty tariffs on trading partners globally including Taipei before pausing them for 90 days.
'We have seen the whole world express concern over the tariffs issue. And our president, Lai Ching-te, has already met with the heads of major Taiwanese companies ten times, which also shows their great concern,' Mr Kung Ming-hsin, secretary-general of Taiwan's executive branch, told AFP.
But during a visit to Washington for an investment summit, Mr Kung suggested the two countries could work together on security and technology.
'We can have research and development together in the area of drones, for example,' the official said.
'The United States has advanced technologies and Taiwan is very strong in having a mass production of this kind of advanced technologies,' he added.
Mr Kung touted an opportunity for 'good cooperation' that could in turn benefit 'enhancing our industrial security'.
Washington is Taiwan's main security guarantor at a time when Beijing has escalated its rhetoric and threatened to use force to bring the island under its control.
Around 60 per cent of Taiwanese exports to the US fall within the information technology sector and are mainly semiconductors, which are used in everything from televisions and cars to weapons and supercomputers. AFP
Join ST's Telegram channel and get the latest breaking news delivered to you.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

UK finance leads in foreign investment yet deals fall across Europe: EY
UK finance leads in foreign investment yet deals fall across Europe: EY

Business Times

time20 minutes ago

  • Business Times

UK finance leads in foreign investment yet deals fall across Europe: EY

[LONDON] The UK's finance industry kept its lead over the rest of Europe in attracting foreign investment last year, although activity across the region slowed, according to professional services firm EY. The country attracted foreign investment for 73 finance projects last year, down by 32 per cent on the prior year, while in second place Germany, deal volumes fell 16 per cent to 32. Throughout Europe, volumes fell 11 per cent, EY found. Global investors also saw London as the most attractive European city for financial services foreign investment over the coming year, beating out Frankfurt and Paris, although at a national level, Germany was the preferred choice for the future. With US President Donald Trump's tariff announcements clouding the outlook, the poll found just 32 per cent were likely to invest in the US, compared to 39 per cent in the EU and 44 per cent for the UK. 'The strength and depth of the UK's financial services sector continues to capture global investor confidence – particularly as they navigate challenging market conditions,' said Martina Keane, managing partner at EY UK and Ireland financial services. However, she said competition remained fierce for available financing. BLOOMBERG

South Korea President Lee's election law violation hearing postponed indefinitely, court says
South Korea President Lee's election law violation hearing postponed indefinitely, court says

Straits Times

time26 minutes ago

  • Straits Times

South Korea President Lee's election law violation hearing postponed indefinitely, court says

South Korea's Supreme Court ruled in May that Mr Lee had violated election law by publicly making "false statements" during his 2022 presidential bid. PHOTO: REUTERS SEOUL - A Seoul court said on June 9 it will indefinitely postpone a trial of President Lee Jae-myung on charges of violating election law in 2022. South Korea's Supreme Court ruled in May, before Mr Lee was elected, that Mr Lee had violated election law by publicly making "false statements" during his 2022 presidential bid, and sent the case back to an appeals court. The Seoul High Court, which had scheduled a hearing for the case on June 18, said on June 9 that it will postpone the hearing "to be decided later" without a date, a court spokesperson confirmed. Mr Lee's office did not immediately respond to a request for comment. The court said its decision to postpone the hearing was due to "Constitution Article 84", without elaborating. South Korea's Constitution, Article 84, says a sitting president is "not subject to criminal prosecution while in office" for most crimes. However, legal experts are divided on whether that applies to ongoing trials that were already prosecuted before a president was elected. The National Court Administration under the Supreme Court gave as its opinion that judges of each court where Mr Lee's trials are being held will have to decide whether to stop or proceed, according to its statement to a lawmaker in May. "The court in charge of hearing the case will determine whether Article 84 of the Constitution should be applied to a criminal defendant who was elected in the presidential election," the statement said. Mr Lee's ruling Democratic Party, which controls Parliament, is planning to pass a Bill this week which suspends ongoing trials for the incumbent president, local broadcaster KBS reported on June 9. The Constitutional Court may be asked to rule whether the Bill is unconstitutional, legal experts have said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

China's factory-gate deflation worst in 22 months as economic headwinds mount
China's factory-gate deflation worst in 22 months as economic headwinds mount

Business Times

time35 minutes ago

  • Business Times

China's factory-gate deflation worst in 22 months as economic headwinds mount

[BEIJING] China's producer deflation deepened to its worst level in almost two years in May while consumer prices extended declines, as the economy grappled with trade tensions and a prolonged housing downturn. Uncertainties from a tariff war with the United States and weak consumption at home have rattled sentiment and fuelled expectations of more policy stimulus to combat deflationary pressures. The producer price index fell 3.3 per cent in May from a year earlier, worse than a 2.7 per cent decline in April and the deepest contraction in 22 months, National Bureau of Statistics data showed on Monday (Jun 9). That compared with an estimated 3.2 per cent fall in a Reuters poll. 'China continues to face persistent deflationary pressure,' said Zhiwei Zhang, chief economist at Pinpoint Asset Management. 'The price war in the auto sector is another signal of fierce competition driving prices lower. I am also concerned about the property prices which resumed their downward trend in recent months after a period of stabilisation,' he said. With households cautious about spending due to income pressures, some companies have resorted to price discounts to boost sales, prompting the authorities to urge an end to the auto industry's bruising price wars. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Cooling factory activity also highlights the impact of US tariffs on the world's largest manufacturing hub, dampening faster services growth as suspense lingers over the outcome of US-China trade talks set to resume in London on Monday. In a phone call on Thursday, US President Donald Trump and Chinese leader Xi Jinping discussed trade tensions and critical minerals, leaving key issues for further negotiations. The consumer price index dipped 0.1 per cent last month from a year earlier, after falling by the same amount in April and slightly better than a Reuters poll forecast of a 0.2 per cent decline. CPI slid 0.2 per cent on a monthly basis, compared with a 0.1 per cent increase in April, and matched economists' predictions of a 0.2 per cent decline. Fragile domestic demand remains a drag on China's economy despite a recent flurry of policy support measures. Retail sales growth slowed last month as spending continued to lag amid job insecurity and stagnant new home prices. The core inflation measure, excluding volatile food and fuel prices, registered a 0.6 per cent year-on-year rise, slightly faster than a 0.5 per cent increase in April. However, Zichun Huang, China Economist at Capital Economics, said the improvement in core prices looks 'fragile', adding: 'We still think persistent overcapacity will keep China in deflation both this year and next.' REUTERS

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store