Taiwan unveils $8.7 billion in help for companies to deal with US tariffs

TAIPEI (Reuters) – Taiwan’s government on Friday announced at least T$288 billion ($8.74 billion) in financial help for companies and industries to deal with the impact of U.S. tariffs, including export credits.

U.S. President Donald Trump on Wednesday announced across-the-board import tariffs, with much higher duties for dozens of trading partners including Taiwan, which runs a large trade surplus with the United States and is facing a 32% duty on its products.

The U.S. tariffs, however, do not apply to semiconductors, a major Taiwanese export.

Speaking at a news conference in Taipei, Premier Cho Jung-tai reiterated that the government regarded the tariffs as unreasonable, saying it would provide T$88 billion to help companies affected.

Finance Minister Chuang Tsui-yun, speaking next to Cho, said the government would also provide T$200 billion in trade financing for exporters.

The announcements were made before financial markets re-open in Taiwan on Monday, having been closed on Thursday and Friday for a holiday.

Taiwanese government officials have repeatedly said trade with the U.S. has been skewed by strong demand for Taiwanese technology products, such as advanced semiconductors – a sector dominated by the island, home to major chipmaker TSMC.

TSMC last month announced a new $100 billion investment in the United States.

($1 = 32.9730 Taiwan dollars)

(Reporting by Ben Blanchard; Editing by Mark Heinrich and Jan Harvey)