Taipei: Kung Ming-hsin took office Monday as Minister of Economic Affairs, saying he would “prioritize the economy” and take action on response measures to tariffs. “I believe Taiwan will always have a path to follow in any situation,” Kung told reporters after the ceremony, addressing the United States’ August announcement of a 20 percent tariff on Taiwanese imports.

According to Focus Taiwan, Kung stated that “tariffs are a pretty complicated matter.” He emphasized that if competitors manage to enter the U.S. market with lower tariffs, it could open up substantial opportunities in non-U.S. markets. Kung clarified that high tariffs do not necessarily mean there is no way forward, as it largely depends on the situation.

Kung expressed gratitude towards Taiwan’s Legislature for passing a special act aimed at strengthening economic, social, and defense resilience amidst global challenges. This measure allocates NT$93 billion (US$3 billion) in industrial support. He also mentioned that the Cabinet would soon submit a special budget and has already directed ministries to provide urgent assistance.

Kung plans to engage with industry and commerce representatives and will visit central and southern Taiwan in the coming days to understand the situation of individual enterprises and propose countermeasures. Before becoming economics minister, Kung served as head of the National Development Council and as a deputy economics minister, and was the secretary-general of the Executive Yuan.