Taiwan said today it will slash more tariffs to help boost imports and narrow the island's surplus with its trading partners, especially the United States.
"We are certainly worried about the rising trade surplus with the U.S. and hope to correct that," said Augustine Wu, deputy director of the Board of Foreign Trade.
The Finance Ministry said it will reduce 75 tariffs by 20% to 50% for foreign products, including passenger cars and trucks, steel sheets and other industrial materials. The cuts will go into effect in January.
Similar cuts in more than 4,700 tariffs were made between May and July this year.
Taiwan's surplus with the United States jumped about 18% from a year earlier to $11.2 billion in the first 11 months of 1989, according to official figures released on Tuesday.