Taiwan said it will assist firms planning to relocate to the US in response to President Trump’s new tariffs on imports from China, Mexico and Canada.
The Taiwanese economy ministry said the support can include finding partners on the ground, understanding local investment laws, and promoting R&D cooperation between companies.
As per Trump’s orders, additional levies of 25% will be imposed on imports from Mexico and most goods from Canada. Additionally, levies of 10% on goods from China will be imposed, taking the markets and investors by storm, according to Reuters.
A number of key producers of tech products, including semiconductors and electronics parts are based out of Taiwan. In the wake of Trump’s tariffs, Taiwan appears to be vulnerable given that many of the Taiwanese firms have factories in both Mexico and China.
Taiwan’s economy ministry also said it will provide information for firms wanting to relocate, including possible US states to invest in, local laws and help in finding partners. It added that the government’s Industrial Technology Research Institute branches based in North America will work actively to promote research and development and manufacturing cooperation between Taiwanese and US companies.
The ministry said it will closely monitor the changes in international trade and communicate with companies to help them with “the most timely support and assistance to ensure that they find the best strategies to cope with the changes”.
