Taiwan's Ministry of Economic Affairs has announced that it will offer customized services to manufacturers for overseas distribution.
Taiwan's government announced a series of support measures on Monday to help Taiwanese companies adapt to the new trade scenario that has emerged following Donald Trump's decision to impose tariffs on countries such as Canada, Mexico and China, including information and assistance services for Taiwanese companies that decide to transfer part of their capacity or relocate to the United States.
"Given that the United States has imposed additional tariffs on Canada, Mexico and other countries, affecting the overseas operations of some Taiwanese manufacturers, the Ministry of Economic Affairs has initiated a series of response measures," Taiwan's Ministry of Economic Affairs announced on Monday, with the aim of facilitating companies to adjust their supply chains and investment strategies.
The Taiwanese Ministry has thus set up a consultation hotline to help Taiwanese companies deal with the new situation following the introduction of tariff measures by the US, in addition to providing active assistance through the Foreign Trade Development Council and the overseas offices of the Industrial Technology Research Institute under its supervision.
In this regard, in addition to setting up a special service team and a hotline to provide immediate assistance to companies, the Ministry has announced that it will offer customized services to manufacturers for overseas distribution, as well as relevant information on target markets for Taiwanese companies intending to relocate overseas.
The company said it could potentially allow Taiwanese companies to move to the United States to set up factories or relocate some processes to other countries, such as Southeast Asia and India, and will provide information on potential state and local investment laws in the United States, as well as opportunities in related markets and assistance in finding partners.
Taiwanese authorities also intend to establish an investment and trade services center in the United States to help companies assess the investment environment in each state in the country, as well as assist in the design of overseas supply chains.
On the other hand, it will seek to strengthen industrial cooperation between Taiwan and the United States in order to help Taiwanese companies in innovation and modernization, actively promoting cooperation in R&D and manufacturing between companies from both countries and helping Taiwanese companies find local partners.
In any case, the Ministry has warned that it will closely monitor changes in the international trade landscape and maintain communication with the industry to provide Taiwanese entrepreneurs with the most timely support and assistance "to ensure that companies find the best response strategies amid the changing situation."
Taiwan is home to a number of technology component manufacturers, such as microchip giant TSMC, which could be vulnerable to the protectionist measures announced by the US, as it has factories in countries such as Mexico and China, affected by the first wave of tariffs announced by the Trump administration.
