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2025-08-01 23:36:44
Market Concerns Over US Tariffs on Taiwan Send Taiwanese Stocks and Currency Plunging. On the evening of July 31st, the White House announced that US President Trump had signed an executive order announcing tariffs on goods imported from 69 trading partners. Taiwanese media reported that the tariff for Taiwan was 20%. In response to this news, the Taiwan stock market opened lower on August 1st, closing at 23,434.38, down 108.14 points. The New Taiwan dollar fell below 30 against the US dollar due to a combination of factors, including the appreciation of the US dollar, negative tariffs, and a decline in the Taiwanese stock market. The US tariffs on Taiwan, higher than those imposed on major competitors Japan and South Korea, sparked an uproar within Taiwanese industry. Previously, the Democratic Progressive Party (DPP) authorities claimed to have held multiple rounds of formal negotiations with the US. The announcement of the tariffs sparked widespread disappointment within Taiwan. Lin Bofeng, chairman of the Taiwan Business Association, believes that tariffs higher than the 15% imposed by Japan and South Korea will significantly impact Taiwan's competitiveness. On behalf of the island's business community, he called on the Taiwanese authorities to quickly propose effective policies to stabilize the economy and disclose to the industry the specific content of the agreement and whether there are any additional conditions for reaching this tariff result. (Xinhua News Agency)
