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Taiwan authorities criticized for touting so-called U.S. tariff concessions

China

China

China

Taiwan authorities criticized for touting so-called U.S. tariff concessions

2026-06-03 14:43 Last Updated At:15:33

A Chinese mainland spokeswoman on Wednesday denounced Taiwan's Democratic Progressive Party (DPP) authorities for boasting about so-called tariff concessions from the United States, calling their claims "self-deception" and a "laughing stock."

Zhu Fenglian, the spokeswoman for the State Council Taiwan Affairs Office, made the remarks at a press conference in Beijing in response to a media query about a recent U.S. announcement that certain non-semiconductor tariff concessions for Taiwan took effect on May 1, which, according to Taiwan authorities, would help enhance the competitiveness of related industries.

"The DPP authorities are kowtowing to the United States at the expense of Taiwan's core industries, development prospects of its industries, and the interests and well-being of its people. The DPP authorities had offered massive concessions, including a promised 500 billion U.S. dollars of investment in the United States and zero tariffs on 4,885 industrial and 1,482 agricultural products from the United States, in exchange for only symbolic tariff reductions. Yet the DPP authorities have the audacity to boast about this and brazenly claim credit. This is pure self-deception. Such moves would neither deceive Taiwan's industrial sector nor its people, and would only backfire, leaving the DPP to reap what it sows and becoming a laughing stock," Zhu said.

Taiwan authorities criticized for touting so-called U.S. tariff concessions

Taiwan authorities criticized for touting so-called U.S. tariff concessions

Gold became the largest component of global official reserves in 2025, surpassing holdings of U.S. Treasuries and the euro as rising prices boosted its share, the European Central Bank (ECB) said Tuesday.

Gold made up 27 percent of the total official foreign reserves, including foreign exchange and gold holdings, at the end of 2025, compared with 22 percent for U.S. Treasuries and 15 percent for the euro, according to an ECB report.

Data released by the ECB showed that global central bank gold purchases surged in 2022, peaked in 2024, and then eased in 2025.

Gold purchases by central banks fell to around 850 tons, below the average level between 2022 and 2024, which topped 1,000 tons. Despite historically high prices, demand for gold remained elevated.

The increase in gold's share of official reserves was driven largely by soaring prices, the ECB said. Gold prices soared by 60 percent and 30 percent in nominal terms in 2025 and 2024, respectively.

Apart from diversification, central banks use gold as a hedge against geopolitical risk. However, compared to fiat currencies, gold's status as part of reserves has limitations, the ECB report argued, citing price volatility, the inability to be remunerated, high storage costs, and inelastic supply.

Gold surpasses US Treasuries, euro in global official reserves: ECB

Gold surpasses US Treasuries, euro in global official reserves: ECB

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