Taiwan's president and his cabinet said on Friday 20% U.S. tariffs will be "temporary" and the government will continue to advocate for reasonable tariff rates as they complete the final stage of negotiations.

"Once a final agreement is reached, the tariff rate is expected to be reduced further," according to a Facebook post from Lai Ching-te, reiterated in a cabinet statement. 

The comments follow U.S. President Donald Trump's executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of trading partners and foreign locations.

Taiwan's presidential office will hold a press briefing at 11:30 a.m. (0330 GMT) on the tariffs.

Taiwan has been seeking to strengthen its trade ties with major partners, particularly the U.S., Taiwan's second-largest trading partner after China, amid growing geopolitical and economic challenges.

Taiwan had the sixth-largest trade deficit with the U.S. last year, exporting $73.92 billion more to the U.S. than it took in, according to data from the U.S. and Taiwan governments.

The outcome of the discussions could play a key role in shaping the island’s future trade strategy and its position in the global supply chain, and is crucial to Taiwan's export-driven economy.

Source: Reuters

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