ISTANBUL

Taiwan’s leader Lai Ching-te said on Sunday that Taipei has no intentions of retaliating against the 32% tariff on Taiwanese goods imposed by the US, Focus Taiwan reported.

The development came after US President Donald Trump on Wednesday announced sweeping tariffs, ranging from 10% to 50% on imports from dozens of countries and economic regions, including US ally Taiwan, whose exports to the US will face a 32% surcharge.

In a video, Lai recognized the "significant impact" the 32% tariff would have on Taiwan's economy but encouraged the public not to panic, highlighting the country's strong economic foundations.

"Taiwan has no plans to take retaliatory tariff action in response to the United States' 'reciprocal tariffs.' Investments by Taiwanese companies in the US will also proceed without any changes, as long as they align with our national interests," Lai Ching-te said.

To lessen the impact of the tariffs, Lai Ching-te announced that his government had formed a negotiation team to begin formal discussions with the United States.

The leader also noted that his government will also support Taiwanese companies in increasing their investments in the US, particularly in sectors like electronics, information and communication technology, petrochemicals, and natural gas.