President of Taiwan says Taiwan will be the first country to discuss tariffs with US

Taiwan will be among the first trading partners to have talks with Washington. President Lai Ching Te said this on Friday. His economy minister also said that the island can import more than $200 billion of U.S. products, mainly energy.

Donald Trump, the U.S. president, announced on Wednesday that he will temporarily lower the heavy duties he has just imposed upon dozens of nations while increasing pressure on China. Taiwan, which is a major producer of semiconductors, was to be hit by 32% tariffs.

The White House reported that nearly 70 countries had reached out for negotiations.

Lai, who spoke to business leaders in Taichung in central Taiwan, said that the government would be prepared for the first round of negotiations. The comments were broadcast live on local media without a specific timeframe.

He added that "Taiwan’s desire to enhance economic and trade collaboration with the United States in the past years could be (fulfilled)," by taking advantage of this opportunity.

The United States Trade Representative's office did not respond immediately to a comment request sent outside Washington office hours.

Kuo Jyh Huei, the Economy Minister at Taiwan's parliament, told reporters that it may be higher than $200 billion. He said this after saying on Thursday that Taiwan could purchase more LNG from the U.S. and buy more over a period of 10 years as part a trade agreement.

He said that the bulk of the imports may be related to energy.

Taiwan has yet to announce when formal discussions with the United States could begin.

Lin Chia-lung, the Foreign Minister of Taiwan, told reporters that he was hopeful a compromise could be reached with the United States within 90 days.

He said that "Taiwanese and American officials have maintained a smooth communication and continue to work on the tariff negotiations."

On Sunday, President Lai offered zero-tariffs as the basis for negotiations with the United States. He said Taiwan would invest and buy more from the United States.

Taiwan, the home of the largest contract chipmaker in the world, TSMC, has sought a free-trade agreement with the United States for many years.

Taiwan's largest international backer and weapons supplier is the United States, despite formal diplomatic relations.

Taiwan is under increasing political and military pressure from China, its giant neighbor. China views Taiwan as its territory. Taiwan's government denies these claims and says that only the people of Taiwan can determine their future. Reporting by Jeanny KAO and Ben Blanchard, Editing by Raju Gopikrishnan

(source: Reuters)