讀後心得

U.S. President Trump announced a 32% reciprocal tariff on Taiwan, which may have a significant impact on Taiwan's economy. XU WENTAI, a researcher at the Academia Sinica's Economics Research Institute, pointed out that the central bank should allow the New Taiwan Dollar exchange rate to float in order to reduce the trade surplus and emphasized that the adjustment of tariffs has limited actual effects on Taiwan. Executive Yuan Premier CHO JUNG-TAI stated that they will seek to lower tax rates or reduce the scope of taxation and negotiate with the U.S. on high-tech cooperation. The central bank reiterated that the New Taiwan Dollar exchange rate is determined by the market and will adjust as necessary to maintain market stability.

The President of the United States has announced a reciprocal tariff of 32% on Taiwan, a measure that could have a significant impact on Taiwan's economy. A researcher at the Academia Sinica's Institute of Economics pointed out that one of the key factors affecting Taiwan's trade surplus is the central bank's operations, calling for the central bank to loosen its control over the New Taiwan Dollar exchange rate to reduce the trade surplus. The central bank, however, maintains its position, emphasizing that the exchange rate is determined by the market, and will conduct necessary bilateral adjustments when the market is out of order.

The President has imposed reciprocal tariffs of 34%, 20%, and 24% on other countries such as China, the EU, and Japan, while setting Taiwan's rate at 32%, a figure that is much higher than market expectations. The Executive Yuan's head recently announced countermeasures, stating that it will seek to lower the tariff rate or limit the scope of taxation, and plans to negotiate with the United States to establish high-tech strategic partnerships and procure raw materials.

Researchers stated that although Trump's calculation of tariffs is "brutal," the actual tariffs imposed by Taiwan on the United States are not high, averaging less than 3%. He further mentioned that Taiwan cannot respond with retaliatory tariffs, as the U.S. always has the possibility of further increases, and Taiwan's national defense security still relies on U.S. support. Adjusting a few high tariffs has a limited impact on the overall trade surplus, thus he suggested that the central bank should relax its control over the exchange rate to avoid passive appreciation.

The central bank reiterated that its statutory objective does not include surplus remittances, and it will not achieve this goal through low interest rates and low exchange rates. If the New Taiwan Dollar exchange rate experiences excessive fluctuations, the central bank will conduct bilateral adjustments based on market demand to maintain exchange rate stability, which will benefit the operations and pricing of exporters and importers.