Trump's 20% tariffs 'provisional,' talks continue: Taiwanese leader Lai

ANKARA

Taiwan's leader on Friday called the US’ new 20% tariffs on Taiwanese goods "provisional," adding that talks with Washington towards lowering the rate are continuing, according to Focus Taiwan.

Lai Ching-te Lai said both sides had completed "technical consultations" and emphasized that Taiwan’s negotiating team had stuck with the government’s position to safeguard national and industrial interests while ensuring food security and public health.

He expressed hope that the 20% tariff could be lowered further once a final agreement is reached.

On Thursday, US President Donald Trump signed an executive order modifying tariff rates for dozens of countries, including Taiwan, ahead of his Friday, Aug. 1 trade deal deadline.

New Zealand criticized the US move, calling the 15% tariff imposed on its exports “unwarranted.” Trade Minister Todd McClay said his country was being unfairly penalized for a relatively small trade deficit.

"It appears it has been done based upon countries that have a trade deficit with the US, who sell them more than they buy. In New Zealand's case, that's about half a billion US dollars and in a scheme the size of the US economy it's really not significant or meaningful," RNZ quoted McClay as saying.

Thailand, however, welcomed the tariff reduction to 19% from a previously proposed 36%. Deputy Prime Minister and Finance Minister Pichai Chunhavajira said the new rate reflects the strong US-Thailand partnership and will enhance investor confidence and economic growth.

Cambodia welcomed 19% tariffs as the Southeast Asian nation also revealed it had bought 10 Boeing aircraft from the US.

Earlier Trump imposed 49% tariffs on Cambodia, threatening its textile sector.

Bangladesh secured a reduced 20% US tariff on its exports, down from a proposed 35%, after a third round of negotiations.

“Today, we successfully avoided a potential 35% reciprocal tariff. That’s good news for our apparel sector and the millions who depend on it," Bangladesh security adviser Khalilur Rahman, who led the tariff negotiations, said in a statement

Under the new order, the US imposed varied tariffs on Asia-Pacific nations: 15% on Afghanistan, 20% on Bangladesh, 25% on Brunei, 19% on Cambodia, 25% on India, 19% on Indonesia, 15% on Japan, 40% on Laos, 15% on Fiji, 19% on Malaysia, 40% on Myanmar, 15% on New Zealand, 19% on Pakistan, 15% on Papua New Guinea, 19% on Philippines, 15% on South Korea, 20% on Sri Lanka, 19% on Thailand, and 20% on Vietnam.

*Writing by Islamuddin Sajid and Sm Najmus Sakib