Trump's victory in the US presidential election has left world leaders, business owners and stock markets grappling with the potential impact of his return to the White House.
During the election campaign, Trump vowed to get tougher on China, promising to slap 60 percent tariffs on all Chinese goods entering the United States.
"We will come up with some assistance very soon to our Taiwanese business people on how to transfer their production bases so they would not be subjected to a 60 percent tariff," Taiwan Economic Minister Kuo Jyh-huei told a parliamentary committee.
Kuo did not provide further details on the measures.
Many Taiwanese companies have set up factories in China during the country's economic opening over the last four decades, but investment has fallen sharply in recent years owing to regional tech disputes.
Between 2019 and 2021, as a trade war raged between Beijing and Washington, Taipei offered Taiwanese businesses in China incentives to return to the island.
They included two years free rent in the economic ministry's industrial zones, labour subsidies and cheaper loans.
Trump has described "tariff" as the most beautiful word in the dictionary and his second presidential term promises sweeping measures on all $3 trillion worth of US imported goods.
He has promised at least a 10 percent tariff on all imports, and a higher level of 60 percent or more on Chinese goods.
Chinese President Xi Jinping said Thursday that Beijing and Washington must find a way to "get along" in a message to Trump, state media reported.
"A stable, healthy and sustainable China-US relationship is in the common interest of both countries and is in line with the expectations of the international community," Xi said.
US and China must 'get along', Xi tells Trump
Beijing (AFP) Nov 7, 2024 -
Chinese President Xi Jinping said Thursday Beijing and Washington must find a way to "get along" in a message to US president-elect Donald Trump, state media reported.
Trump's crushing presidential victory ushers in a new era of uncertainty in the United States and the world, and heralds a possible shift in US-China relations, frayed in recent years by tensions over everything from trade to the status of self-ruled Taiwan.
In his first message to Trump since the former president secured a second term, Xi said "history has shown that China and the United States benefit from cooperation and suffer from confrontation", state broadcaster CCTV said.
CCTV did not specify how the message was conveyed.
"A stable, healthy and sustainable China-US relationship is in the common interest of both countries and is in line with the expectations of the international community," Xi said.
He called for Washington and Beijing to "strengthen dialogue and communication" and "properly manage differences".
The two countries must "find a correct way... to get along in this new era, to benefit both countries and the world", Xi said.
Chinese Vice President Han Zheng also sent a message to vice president-elect JD Vance, CCTV said.
Both Republican Trump and his Democratic rival Kamala Harris had pledged to get tougher on Beijing.
But Trump upped the ante, vowing to slap 60 percent tariffs on all Chinese goods entering the United States.
The president-elect aims to "restore some level of balance in the US-China trade", Yun Sun, a Senior Fellow at the Stimson Center, told AFP.
"Given his arts of 'maximum pressure' before striking a deal, I do expect him to impose the tariff," she added.
- 'Mutual respect' -
On Thursday Beijing warned that there would be "no winners" in a trade war, with foreign ministry spokeswoman Mao Ning saying it would not be "conducive to the world".
Xi and Trump have previously met four times, and the former president has touted his "very strong relationship" with the Chinese leader.
He has also claimed he would be able to talk Xi out of an attack on self-ruled Taiwan with threats of 150 percent tariffs.
Analysts had said the election outcome would be a key focus of this week's gathering of top lawmakers in Beijing, aimed at ironing out a stimulus plan to boost China's struggling economy.
Chief among the concerns will be how Beijing responds to Trump's expected huge tariff hike, which asset managers PineBridge Investments have suggested could hit $500 billion worth of Chinese exports.
"We expect the Chinese government to respond with limited retaliation and more domestic policy support to the economy, to partially offset the negative impact," Tao Wang, Chief China Economist at UBS Investment Research, told AFP.
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