Taiwan Q2 GDP grew fastest in four years on strong tech demand
The island is awaiting more clarity on the outcome of just-concluded trade negotiations with U.S. President Donald Trump's administration ahead of his August 1 deadline for a deal to avert heavy levies on imports from Taiwan.
Taiwan's gross domestic product grow 7.96 per cent year on year in the April-June quarter, the Directorate General of Budget, Accounting and Statistics said on Thursday. That beat both the 5.7 per cent forecast in a Reuters poll and the 5.48 per cent in the first quarter.
Taiwan's economy could be substantially affected this year if Trump follows through with his announced tariff policy. Taiwan was due to be hit with a 32 per cent U.S. tax on imports, until Trump paused the entire plan for 90 days in April.
Earlier on Thursday, Taiwan's cabinet said the island and the U.S. had completed talks on tariff technicalities and reached consensus on issues including non-tariff trade barriers, with the fine print hinging on the U.S. decision-making process.
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