US auto parts tariff reduced to 15%, Economic Minister: Boosts future orders for Taiwan firms

Central News Agency, Taipei, May 28. Taiwan's Section 232 tariff relief for non-semiconductor products has officially begun, with auto parts tariffs reduced to 15%. Economic Minister Kung Ming-hsin stated that Taiwanese firms previously faced tariff pressures exceeding 20%. This reduction places Taiwan on a level playing field with competitors like Japan, South Korea, and Europe, while significantly expanding its advantage over China. The Executive Yuan announced that the relief, which also covers wood products, is retroactive to May 1. Kung noted that the auto parts industry has faced significant challenges, and the market reacted positively to this news. The Ministry of Economic Affairs will continue to monitor the situation and provide assistance if needed. Furthermore, if Taiwan successfully passes the US Section 301 investigation, further improvements in competitive conditions are expected.