Taiwan hit by 20% tariff, entire island pays the price for failed negotiations.

The announcement by the White House on July 31 to adjust Taiwan's "reciprocal" tariff rate to 20% has continued to spark controversy on the island. Concerns are growing about what costs the Lai Ching-te administration will make Taiwan pay and what impact it will have on various industries. Netizens have flooded Lai Ching-te's social media accounts with comments. According to a report by Taiwan's United Daily News on the 3rd, Taiwan's "Vice Premier of the Executive Yuan" responsible for tariff negotiations with the US, Chen Li-chun, led the negotiation team back to Taiwan early in the morning. She said in an interview at the airport, "Negotiations will continue, and we will strive for a better tariff rate." Recently, the US government officially informed Taiwan that the "reciprocal tariff" rate has been reduced from the original 32% to 20%. Lai Ching-te subsequently stated that this tariff rate is a "temporary adjustment" and claimed to have achieved "phase results." However, the situation on the island doesn't seem as optimistic. Taiwan's Economic Daily on the 2nd reported that Taiwan's tariff rate is relatively high compared to other major trading deficit countries and regions with the US. Although the DPP administration claims that there is still room for further reductions in the future, "it cannot be ruled out that if negotiations do not meet the US's expectations, there is also a risk of increasing tariffs."