Taiwan central bank sees peril in Trump tariffs

13/11/2024 18:24

        Taiwan's central bank warned on Wednesday that it sees peril in the proposed trade policies of the incoming administration of U.S. President-elect Donald Trump.
        
        In a report to parliament ahead of governor Yang Chin-long taking questions from legislators on Thursday, the central bank said that if Trump follows through on his policy promises, it would escalate trade conflicts throughout the world, and stifle competition in the tech industry.
        
        "The map of global trade is in the process of being redrawn," the report said, "and will likely affect Taiwan's export momentum in the future."
        
        The central bank said that the aggressive tariff policy Trump promised on the campaign trail would be the most impactful trade policy of the incoming administration, if implemented.
        
        A threat by Trump, who will take office in January, to impose tariffs of 60% on U.S. imports of Chinese goods poses major growth risks for China, the world's second-largest economy and Taiwan's top trading partner.