US announces 20 pct tariff on imports from China's Taiwan region

U.S. President Donald Trump on Thursday announced a 20 percent tariff on imports from China's Taiwan region, effective Aug 7.

While the new tariff rate imposed on the Taiwan region is lower than the 32 percent announced in April, it remains higher than the 15 percent rate imposed on Taiwan's major competitors, Japan and South Korea.

Lin Por-fong, chairman of the influential Third Wednesday Club, warned that the tariff will severely damage Taiwan's global competitiveness. He urged the Democratic Progressive Party (DPP) authorities to promptly roll out effective policies to stabilize the economy, and to disclose the full details of agreements with the United States to determine whether additional conditions are attached.

Eric Chu, chairman of the Chinese Kuomintang party, echoed those concerns, describing the tariff as a "significant threat to Taiwan's export industries." He said the lack of a strategic roadmap from authorities has forced businesses to "operate blindly, shaking these industries' confidence and undermining Taiwan's competitive edge."

Taiwan's media personality Jaw Shaw-kong stated on social media that the gross profit margin for local small and medium-sized enterprises has fallen to just 3 percent to 4 percent. He expressed concern that Taiwan’s economic momentum could come to a complete halt.

The island's DPP authorities alleged that as the two sides have yet to conclude a final review meeting, the 20 percent tariff is still temporary, with hopes of a reduction pending a future agreement.

US announces 20 pct tariff on imports from China's Taiwan region

The multilateral system is "under attack" amid global turmoil, President of the 80th UN General Assembly Annalena Baerbock warned in her remarks on Wednesday.

In her briefing on the priorities for the resumed 80th Session of the General Assembly, the UNGA president noted that the current multilateral system does not collapse all in a sudden, but "crumbles piece by piece" in divisions, compromises, and lack of political commitment.

The president called all the UN member states to defend the UN Charter and international law and promote cross-regional cooperation.

She also urged to push forward the work of the UNGA on certain critical issues with a strong majority, rather than an absolute consensus among all member states. Such act is not a failure of multilateralism, but "an affirmation of it," she said.

The foundational principles of the institution should not be eroded by appeasement, she said, calling the member states to show courage, leadership, and responsibility at the UN's "critical make-or-break moment."

"The UN needs you. Your support, your leadership, your principle, stand, your cross-regional cooperation, if we are to preserve and modernize this institution, if we are to make it, rather than break it," she said.

UNGA President warns global multilateral system "under attack"

UNGA President warns global multilateral system "under attack"