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Business Standard
6 days ago
- Business
- Business Standard
Taiwan's President pledges to buy more American goods as 32% tariff looms
Taiwan's president on Tuesday pledged to buy more American goods, including natural gas and oil, as the self-governing island seeks closer ties with the US while threatened with a 32 per cent tariff from the Trump administration. By purchasing more US products that also include weapons and agricultural goods, Taiwan would not only create "more balanced bilateral trade" with the US but also boost its energy autonomy and resilience, said Lai Ching-te, the island's leader, while hosting a US congressional delegation. Lai also said the island would be willing to participate in US efforts to reindustrialise and lead the world in artificial intelligence. Rep. Bruce Westerman, chair of the House Natural Resources Committee, told Lai that the US produces a lot of food and fibre and is "always looking for more friends to share that with." Trade and economic ties between Taiwan and the US have grown closer in recent years. The island faces rising pressure from China, which sees the island as part of Chinese territory and vows to annex it by force if necessary. Washington is bound by its own laws to provide Taipei with the means to defend itself, and politicians both Republicans and Democrats have come to believe it is in the US interest to deter Beijing from attacking Taiwan. Many policymakers and analysts have argued that arming Taiwan includes not only weapons sales but closer economic and trade ties so the island is less vulnerable to economic coercion from the mainland. The US is now the top destination for Taiwan's foreign investments, including $165 billion by Taiwan's semiconductor giant TSMC to build factories in Arizona to make advanced chips. The island also is the 7th largest market for US agricultural exports, Lai said. However, the US buys far more from Taiwan and had a trade deficit of $116.3 billion in 2024, according to the Office of the US Trade Representative. The 32 per cent tariff, as proposed by President Donald Trump as part of his sweeping tariff plan, is on hold except for a 10 per cent baseline duty. Earlier this month, Lai downplayed the trade tensions between the US and Taiwan as "frictions between friends." The congressional delegation stopped in Taipei as part of the group's larger visit to the Indo-Pacific region through Thursday, according to American Institute in Taiwan, the de facto US diplomatic mission on the island. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Boston Globe
6 days ago
- Business
- Boston Globe
Taiwan pledges to buy more American goods as a 32 percent tariff looms
Rep. Bruce Westerman, chair of the House Natural Resources Committee, told Lai that the U.S. produces a lot of food and fiber and is 'always looking for more friends to share that with.' Advertisement Trade and economic ties between Taiwan and the U.S. have grown closer in recent years. The island faces rising pressure from China, which sees the island as part of Chinese territory and vows to annex it, by force if necessary. Washington is bound by its own laws to provide Taipei with the means to defend itself, and politicians — both Republicans and Democrats — have come to believe it is in the U.S. interest to deter Beijing from attacking Taiwan. Many policymakers and analysts have argued that arming Taiwan includes not only weapons sales but closer economic and trade ties so the island is less vulnerable to economic coercion from the mainland. The U.S. is now the top destination for Taiwan's foreign investments, including $165 billion by Taiwan's semiconductor giant TSMC to build factories in Arizona to make advanced chips. The island also is the 7th largest market for U.S. agricultural exports, Lai said. Advertisement However, the U.S. buys far more from Taiwan and had a trade deficit of $116.3 billion in 2024, according to the Office of the U.S. Trade Representative. The 32% tariff, as proposed by President Donald Trump as part of his sweeping tariff plan, is on hold except a 10% baseline duty. Earlier this month, Lai downplayed the trade tensions between the U.S. and Taiwan as 'frictions between friends.' The congressional delegation stopped in Taipei as part of the group's larger visit to the Indo-Pacific region through Thursday, according to American Institute in Taiwan, the de facto U.S. diplomatic mission on the island.
San Francisco Chronicle
6 days ago
- Business
- San Francisco Chronicle
Taiwan pledges to buy more American goods as a 32% tariff looms
TAIPEI (AP) — Taiwan's president on Tuesday pledged to buy more American goods, including natural gas and oil, as the self-governing island seeks closer ties with the U.S. while threatened with a 32% tariff from the Trump administration. By purchasing more U.S. products that also include weapons and agricultural goods, Taiwan would not only create 'more balanced bilateral trade' with the U.S. but also boost its energy autonomy and resilience, said Lai Ching-te, the island's leader, while hosting a U.S. congressional delegation. Lai also said the island would be willing to participate in U.S. efforts to reindustrialize and to lead the world in artificial intelligence. Rep. Bruce Westerman, chair of the House Natural Resources Committee, told Lai that the U.S. produces a lot of food and fiber and is 'always looking for more friends to share that with.' Trade and economic ties between Taiwan and the U.S. have grown closer in recent years. The island faces rising pressure from China, which sees the island as part of Chinese territory and vows to annex it, by force if necessary. Washington is bound by its own laws to provide Taipei with the means to defend itself, and politicians — both Republicans and Democrats — have come to believe it is in the U.S. interest to deter Beijing from attacking Taiwan. Many policymakers and analysts have argued that arming Taiwan includes not only weapons sales but closer economic and trade ties so the island is less vulnerable to economic coercion from the mainland. The U.S. is now the top destination for Taiwan's foreign investments, including $165 billion by Taiwan's semiconductor giant TSMC to build factories in Arizona to make advanced chips. The island also is the 7th largest market for U.S. agricultural exports, Lai said. However, the U.S. buys far more from Taiwan and had a trade deficit of $116.3 billion in 2024, according to the Office of the U.S. Trade Representative. The 32% tariff, as proposed by President Donald Trump as part of his sweeping tariff plan, is on hold except a 10% baseline duty. Earlier this month, Lai downplayed the trade tensions between the U.S. and Taiwan as 'frictions between friends.' The congressional delegation stopped in Taipei as part of the group's larger visit to the Indo-Pacific region through Thursday, according to American Institute in Taiwan, the de facto U.S. diplomatic mission on the island.
Japan Today
6 days ago
- Business
- Japan Today
Taiwan pledges to buy more American goods as 32% tariff looms
Taiwan's president on Tuesday pledged to buy more American goods, including natural gas and oil, as the self-governing island seeks closer ties with the U.S. while threatened with a 32% tariff from the Trump administration. By purchasing more U.S. products that also include weapons and agricultural goods, Taiwan would not only create 'more balanced bilateral trade' with the U.S. but also boost its energy autonomy and resilience, said Lai Ching-te, the island's leader, while hosting a U.S. congressional delegation. Lai also said the island would be willing to participate in U.S. efforts to reindustrialize and to lead the world in artificial intelligence. Rep. Bruce Westerman, chair of the House Natural Resources Committee, told Lai that the U.S. produces a lot of food and fiber and is 'always looking for more friends to share that with.' Trade and economic ties between Taiwan and the U.S. have grown closer in recent years. The island faces rising pressure from China, which sees the island as part of Chinese territory and vows to annex it, by force if necessary. Washington is bound by its own laws to provide Taipei with the means to defend itself, and politicians — both Republicans and Democrats — have come to believe it is in the U.S. interest to deter Beijing from attacking Taiwan. Many policymakers and analysts have argued that arming Taiwan includes not only weapons sales but closer economic and trade ties so the island is less vulnerable to economic coercion from the mainland. The U.S. is now the top destination for Taiwan's foreign investments, including $165 billion by Taiwan's semiconductor giant TSMC to build factories in Arizona to make advanced chips. The island also is the 7th largest market for U.S. agricultural exports, Lai said. However, the U.S. buys far more from Taiwan and had a trade deficit of $116.3 billion in 2024, according to the Office of the U.S. Trade Representative. The 32% tariff, as proposed by President Donald Trump as part of his sweeping tariff plan, is on hold except a 10% baseline duty. Earlier this month, Lai downplayed the trade tensions between the U.S. and Taiwan as 'frictions between friends.' The congressional delegation stopped in Taipei as part of the group's larger visit to the Indo-Pacific region through Thursday, according to American Institute in Taiwan, the de facto U.S. diplomatic mission on the island. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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First Post
6 days ago
- Business
- First Post
Taiwan to buy more US oil, gas and farm goods as Trump tariff looms
Taiwan's president on Tuesday pledged to buy more American goods, including natural gas and oil, as the selfgoverning island seeks closer ties with the U.S. while threatened with a 32% tariff from the Trump administration. read more Amid the prospect of a 32% tariff from the Trump administration, Taiwanese President Lai Ching-te on Tuesday committed to expanding purchases of American goods, including oil and natural gas, as part of efforts to strengthen economic ties with the United States. Speaking during a meeting with a visiting U.S. congressional delegation, Lai said the island also plans to buy more American agricultural products and weapons. These steps, he said, would help promote 'more balanced bilateral trade' and enhance Taiwan's energy independence and security. STORY CONTINUES BELOW THIS AD Lai further expressed Taiwan's willingness to support U.S. initiatives in revitalising domestic manufacturing and advancing leadership in artificial intelligence. U.S. Representative Bruce Westerman, who chairs the House Natural Resources Committee, welcomed the dialogue, noting that the United States produces significant amounts of food and fibre and is 'always looking for more friends to share that with.' Trade and economic ties between Taiwan and the U.S. have grown closer in recent years. The island faces rising pressure from China, which sees the island as part of Chinese territory and vows to annex it, by force if necessary. Washington is bound by its own laws to provide Taipei with the means to defend itself, and politicians — both Republicans and Democrats — have come to believe it is in the U.S. interest to deter Beijing from attacking Taiwan. Many policymakers and analysts have argued that arming Taiwan includes not only weapons sales but closer economic and trade ties so the island is less vulnerable to economic coercion from the mainland. The U.S. is now the top destination for Taiwan's foreign investments, including $165 billion by Taiwan's semiconductor giant TSMC to build factories in Arizona to make advanced chips. The island also is the 7th largest market for U.S. agricultural exports, Lai said. However, the U.S. buys far more from Taiwan and had a trade deficit of $116.3 billion in 2024, according to the Office of the U.S. Trade Representative. STORY CONTINUES BELOW THIS AD The 32% tariff, as proposed by President Donald Trump as part of his sweeping tariff plan, is on hold except a 10% baseline duty. Earlier this month, Lai downplayed the trade tensions between the U.S. and Taiwan as 'frictions between friends.' The congressional delegation stopped in Taipei as part of the group's larger visit to the Indo-Pacific region through Thursday, according to the American Institute in Taiwan, the de facto U.S. diplomatic mission on the island.
