Tariff Cuts in Taiwan: Taiwan’s Cabinet has...
Tariff Cuts in Taiwan: Taiwan’s Cabinet has agreed to reduce tariffs on 378 foreign products to help slash the island’s trade surplus and combat inflation.
An official statement said the reductions proposed by the Finance Ministry are the start of cuts on more than 4,800 foreign products. The cuts on the remaining items are expected to be made by July.
The cuts on 378 products, some as high as 25%, include tariffs on turkeys, trucks, cosmetics, ice cream and building materials. They will go into effect on May 1.
A Finance Ministry official said at a news conference that the tariff cuts were aimed at fighting inflation and cutting Taiwan’s trade surplus with its trading partners, especially the United States.
The nation’s trade surplus totaled $10.9 billion in 1988, 95% of which was with the United States.
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