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On Friday, President Lai Ching-te held a press conference to share the outcome of the reciprocal trade agreement between Taiwan and the US. Lai said the signing of the agreement marks a new chapter for Taiwan’s economy and industry. He also directed words at the opposition-controlled Legislative Yuan, urging lawmakers to pass the bill as quickly as possible.
Taiwan and the US have officially signed a reciprocal trade agreement. President Lai Ching-te held a press conference on the matter on Friday.
Lai Ching-te
President
Negotiations on the US’ reciprocal tariffs have finally come to an end. The completion of this last step I believe will ease the worries that Taiwanese society has been having since April 2 last year. This burden should now be lifted, and I hope that thanks to this, everyone can have a pleasant New Year.
Lai says the achievement of six key objectives and five historic breakthroughs will become a driving force for Taiwan’s economy. He also had some words for the opposition.
Lai Ching-te
President
Industry leaders and the international community have welcomed and affirmed the outcome of the negotiations. My hope is that ruling and opposition parties will work together to review and pass the agreement as soon as possible and allow all sectors of Taiwan’s industry to start a new chapter. Considering the precedent set by South Korea, we mustn’t dawdle.
The agreement includes a stipulation that Taiwan’s national defense budget must account for at least 3% of GDP. Critics say the article is akin to allowing a third country, the US, to get involved in Taiwan’s fiscal expenditures.
Lai Ching-te
President
Our goal is for our defense spending to surpass 3% of GDP. I had made that declaration before the US announced its reciprocal tariffs. So whether Taiwan’s defense spending reaches 3% or 5% of GDP has nothing to do with these negotiations. In any case, our 2026 defense budget already exceeds 3% of GDP. It’s already reality. So there won’t be any issues regarding implementation.
Lai also announced that the Presidential Office will establish a dedicated committee for steering Taiwan’s economic strategy, convened by Lai himself. By integrating resources from the Executive Yuan, the committee will lay out a new framework for Taiwan-US trade, in a bid to elevate Taiwan’s economy to new heights.
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