讀後心得

U.S. President Trump announced a 32% reciprocal tariff on Taiwan, which could have a significant impact on Taiwan’s economy. Researcher Hsu Wen-tai from Academia Sinica stated that the central bank should allow the New Taiwan Dollar exchange rate to float freely in order to reduce the trade surplus. The central bank maintained its position, stating that the exchange rate is determined by the market and will be adjusted when necessary. Hsu Wen-tai pointed out that Taiwan's actual tariff on the U.S. is less than 3%, so reducing tariffs is not the key issue, emphasizing that the exchange rate should be adjusted to respond to the impact. The central bank reiterated that its statutory goals do not include profit remittance, and that exchange rate stability is beneficial for importers and exporters.

The President of the United States announced a 32% equivalent tariff on Taiwan, which could have a significant impact on Taiwan's economy. Researchers point out that one of the key factors affecting Taiwan's trade surplus is the central bank, urging the central bank to allow the New Taiwan Dollar exchange rate to float freely in order to reduce the trade surplus. The central bank responded by stating that the New Taiwan Dollar exchange rate is determined by the market, but if market disorder arises, necessary bi-directional adjustments will be made.

This tariff measure is based on the principle of equivalence between countries, where the taxes imposed by various countries on the US will be met with about a 50% "discount" from the US, enacting equivalent tariffs of 34%, 20%, and 24% on major economies such as China, the European Union, and Japan, while Taiwan's rate is set at 32%. Trump's actions exceeded market expectations.

The Premier held a press conference recently to explain the response measures and indicated that the government's goal is to reduce the equivalent tariffs or limit the scope of taxation, which will involve continuous negotiations starting from establishing high-tech strategic partnerships and procurement of raw materials.

Experts stated that although Taiwan's actual tax burden on the US is low, averaging no more than 3%, the difference in tariffs between the US and Taiwan is not significant, and viewing tax reduction as a way to solve the problem is incorrect. In response to inquiries about retaliatory tariffs, experts also gave negative answers, believing that such actions would not benefit Taiwan, as the US could impose additional tariffs at any time, and Taiwan’s national defense security relies on US support.

Experts believe that adjusting the tariffs on a few products has limited impact, as these products only account for a small portion of imports, making the effect on reducing the surplus minimal. If the central bank can allow the exchange rate to float freely, avoiding excessive dependence on foreign exchange reserves, it may effectively reduce the surplus, and they suggest taking preemptive actions to extend the time of economic impact.

In response to scholars' suggestions, the central bank emphasized that its statutory operational targets do not include profit remittances and will not pursue profits through low interest rates and low exchange rates. The central bank also added that the New Taiwan Dollar exchange rate is mainly determined by supply and demand in the foreign exchange market, and if excessive fluctuations or disorder are observed, it will carry out bi-directional adjustments as necessary in accordance with its responsibility to maintain dynamic stability of the exchange rate. The central bank also emphasized that stability in the exchange rate helps exporters and importers in pricing and operations.