That has translated to the world’s biggest maker of computer chips — which power everything from medical equipment to cellphones — announcing bigger investments in the U.S. last month after a boost from the Biden administration. Soon afterward, a Taiwanese semiconductor company said it was ending its two-decade-long run in mainland China amid a global race to gain the edge in the high-tech industry.
These changes at a time of an intensifying China-U.S. rivalry reflect Taiwan’s efforts to reduce its reliance on Beijing and insulate itself from Chinese pressure while forging closer economic and trade ties with the United States, its strongest ally. The shift also is taking place as China’s economic growth has been weak and global businesses are looking to diversify following supply chain disruptions during the pandemic.
In a stark illustration of the shift, the U.S. displaced mainland China as the top destination for Taiwan’s exports in the first quarter of the year for the first time since the start of 2016, when comparable data became available. The island exported $24.6 billion worth of goods to the U.S. in the first three months, compared with $22.4 billion to mainland China, according to Taiwan’s official data.
Meanwhile, the island’s investments in mainland China have fallen to the lowest level in more than 20 years, dropping nearly 40% to $3 billion last year from a year earlier, according to Taiwan’s Ministry of Economic Affairs. Yet, Taiwan’s investments in the U.S. surged ninefold to $9.6 billion in 2023.
Washington and Taipei signed a trade agreement last year, and they’re now negotiating the next phase. U.S. lawmakers also have introduced a bill to end double taxes for Taiwanese businesses and workers in the U.S.
This story is from the May 25, 2024 edition of Techlife News.
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This story is from the May 25, 2024 edition of Techlife News.
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