The government will take a two-pronged approach to mitigate the impact on affected industries
Taiwan News
Dates: 2018/08/02
By: Huang Tzu-ti, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – With trade tensions between the U.S. and China escalating,
Minister of Economic Affairs Shen Jong-chin (CNA)
Taiwan will adopt a two-pronged approach to assist affected industries, including efforts to ensure a smooth transfer of their production lines from China back to Taiwan or southward, Minister of Economic Affairs Shen Jong-chin (沈榮津) said Thursday.
As the U.S. is set to hit US$200 billion-worth of imports from China with a hike in tariffs from 10 percent to 25 percent, Shen remarked that Taiwanese businesses whose end market is the U.S. are most likely to bear the brunt of the impact, such as internet and telecommunication services providers, bicycle manufacturers, machinery producers, and petrochemical product suppliers, reported the Liberty Times.
In response to the brewing crisis between the world’s two largest economies, the Ministry of Economic Affairs said it would provide adequate aid to businesses planning to move their production bases back to Taiwan. Shen elaborated that the government will help the businesses address the “five shortages,” namely the lack of water, electricity, land, factories, and talent. [FULL STORY]
