Taiwan has responded to U.S. President Donald Trump's 32% tariff on island with an offer of zero tariffs, more investment in the country and purchases from it, and said it will not retaliate.
President Lai Ching-te has instructed officials to initiate “strategic communication” between Taiwan and the United States, he added.
Lai has held many meetings with officials to discuss the detailed response, including how to strengthen investment or procurement in the United States, he added.
The tariffs have hammered Taiwan's stock market.
The benchmark stock index was down around 1.5% on Wednesday, after hefty losses in the two previous sessions.
Shares in top chipmaker TSMC were flat, while Apple supplier Foxconn's shares dropped around 4%.
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