Taiwan blames China-US trade war, pandemic for US trade imbalance

3/12/2021 6:10:00 PM

Taiwan blames China-US trade war, pandemic for US trade imbalance

Taiwan blames China-US trade war, pandemic for US trade imbalance

TAIPEI : Taiwan's trade surplus with the United States is due to the China-U.S. trade war and pandemic driving tech demand, a central bank official said on Friday, after the U.S. Treasury said the island continued to exceed its currency manipulation thresholds.The Treasury, in its semi-annual currency rep

TAIPEI : Taiwan's trade surplus with the United States is due to the China-U.S. trade war and pandemic driving tech demand, a central bank official said on Friday, after the U.S. Treasury said the island continued to exceed its currency manipulation thresholds.

The Treasury, in its semi-annual currency report, said no major U.S. trading partners sought to manipulate their currencies for a trade advantage or for preventing effective balance of payments adjustments during the year through June 2021.But it said that Taiwan, along with Vietnam, exceeded its trade surplus, current account and foreign exchange intervention thresholds, and it will continue to work with them to address U.S. concerns.

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US Treasury says Vietnam, Taiwan exceed currency thresholds, but no manipulator labelsThe U.S. Treasury Department on Friday said Vietnam and Taiwan continued to exceed its thresholds for possible currency manipulation and enhanced analysis under a 2015 U.S. trade law, but refrained from formally branding them as manipulators.The Treasury said that in its semi-annual currency report, no ma

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LinkedIn TAIPEI : Taiwan's trade surplus with the United States is due to the China-U.LinkedIn The U.neither his country nor the United States could stand by if China attacked Taiwan.SINGAPORE: Threats and coercion by China towards Taiwan increase the need for the United States to help Taiwan maintain a credible self-defense, the top US diplomat for Asia said on Thursday (Dec 2).

S. trade war and pandemic driving tech demand, a central bank official said on Friday, after the U. Treasury Department on Friday said Vietnam and Taiwan continued to exceed its thresholds for possible currency manipulation and enhanced analysis under a 2015 U.S. "China is resolutely opposed to this," it said, adding Hua had made"stern representations" to Japan. Treasury said the island continued to exceed its currency manipulation thresholds. trade law, but refrained from formally branding them as manipulators. The Treasury, in its semi-annual currency report, said no major U. "We believe Malaysia needs to do more .

S.S. Source: Reuters/lk. trading partners sought to manipulate their currencies for a trade advantage or for preventing effective balance of payments adjustments during the year through June 2021. But it said that Taiwan, along with Vietnam, exceeded its trade surplus, current account and foreign exchange intervention thresholds, and it will continue to work with them to address U. It said that Vietnam and Taiwan exceeded its trade surplus, current account and foreign exchange intervention thresholds, and it will continue to work with them to address U.S. concerns. concerns Treasury said it was"satisfied with progress made by Vietnam to date" and continue engagement started in May with Taiwan. The US Customs and Border Protection has banned six Malaysian firms, including rubber glove makers and palm oil producers, in the last two years from selling their products to the United States after finding evidence of forced labour.

A Taiwanese central bank official, speaking on condition of anonymity, told Reuters it would continue to communicate with the United States and that the two sides were always in communication. Taiwan's trade surplus with the United States exceeded US$20 billion last year as the China-U. Treasury said Switzerland, which was labeled a manipulator in 2020 by the Trump administration, tripped only two out of the three thresholds, but would continue to conduct an in-depth analysis of Switzerland's practices for at least another year.S. trade war and COVID-19 pandemic saw demand for made-in-Taiwan communication devices soar, with exports of those goods exceeding US$10 billion, rather than because of exchange rate reasons, the official added. "Treasury is working relentlessly to promote a stronger and more balanced global recovery that benefits American workers, including through close engagement with major economies on currency-related issues," Treasury Secretary Janet Yellen said in a statement accompanying the report. "This is our main point when we communicate with the U.

S. side," the official said, reiterating what Taiwanese officials have said previously about the trade imbalance. The trade war has seen tech companies in particular shift some manufacturing away from China to avoid U.S. tariffs and political problems, while the work and study from home trend during the pandemic had boosted demand for laptops, tablets and smart phones.

Taiwan is a global hub for semiconductor production and a key supplier to Apple Inc and other tech giants. The Taiwan dollar's 5.6per cent gain against the greenback last year was among the strongest in Asia. It is up more than 2.5per cent against the greenback this year and among the best-performing Asian currencies.

Taiwan was last formally labelled a currency manipulator by the United States in December 1992. It was put back on the monitoring list in 2020. (Reporting by Liang-sa Loh; Writing by Ben Blanchard; Editing by Alison Williams and Nick Macfie) Source: Reuters .