Taipei [Taiwan], April 5 (ANI): Taiwan's Premier Cho Jung-tai announced that USD 2.66 billion (NT$88 billion) would be allocated to support the industrial and agricultural sectors in response to the latest US tariff policy, the Taipei Times reported.

Speaking at a news conference in Taipei on Friday, Cho outlined government initiatives to assist export supply chains following US President Donald Trump's decision to impose a 32 per cent reciprocal tariff on Taiwanese imports.

The government revealed a series of 20 measures aimed at supporting affected industries. Of the NT$88 billion, NT$70 billion will be directed towards the industrial sector to help cover administrative costs, enhance competitiveness, diversify markets, offer tax incentives, and stabilise employment. Meanwhile, NT$18 billion will be allocated to assist the agricultural sector, Cho stated.

'The Cabinet's Trade Negotiations Office would continue to negotiate with the US government to bolster reasonable, favorable and reciprocally beneficial economic and trade relations. The Ministry of Economic Affairs, the Ministry of Finance and the Ministry of Labor should promptly put forward details about the 20 measures for people and industries to follow,' Cho said, adding that 190 hotlines would be set up under affiliated agencies by Tuesday next week to provide information on the Cabinet's programs, Taipei Times reported.

'Our evaluation showed that of all Taiwanese exports to the US, the manufacturing industry, including electronics and information technology, steel and other metals, machinery, vehicles and especially auto parts, building materials and domestic appliances would be materially affected by the increase in US tariffs,' he further said.

On April 2, Trump announced a widespread imposition of tariffs on countries worldwide. In February, soon after taking charge for the second time, Trump outlined a new trade policy focused on fairness and reciprocity and said that the US would implement reciprocal tariffs, charging other countries the same tariffs they impose on American goods.

Trump emphasised that tariffs would address unfair trade practices, including non-monetary barriers, subsidies, and VAT systems, while encouraging foreign countries to either reduce or eliminate tariffs against the US.

As per the announcements, the import tariffs on other major countries are China (34 per cent), the European Union (20 per cent), Vietnam (46 per cent), Taiwan (32 per cent), Japan (24 per cent), India (26 per cent), the United Kingdom (10 per cent), Bangladesh (37 per cent), Pakistan (29 per cent), Sri Lanka (44 per cent), and Israel (17 per cent). (ANI)