Taipei: Taiwan's leader Lai Ching-te called Thursday for exploring "more diverse markets" amid US President Donald Trump's tariffs, according to Focus Taiwan. Lai made these remarks during a meeting with a parliamentary delegation from New Zealand in Taipei. He emphasized Taiwan's eagerness to enhance trade and business prospects with Wellington to navigate the global economic landscape.

According to Anadolu Agency, Lai underscored the potential for Taiwan and New Zealand to collaborate in exploring diverse markets, highlighting sectors such as smart agriculture, food production, biomedicine, the digital economy, and clean energy. He emphasized the importance of strengthening cooperation between the two economies to drive economic growth and industrial development in response to global challenges.

Lai did not specifically outline the challenges but noted Taiwan's advocacy for market diversification as a strategic response to the recent imposition of US tariffs on its products. Earlier in the month, Trump imposed a 32% tariff on Taiwanese goods but later paused these measures for 90 days for most countries, excluding China, while instituting a baseline tariff of 10%.

In previous statements, Lai asserted that Taipei would not engage in retaliatory tariffs. Instead, Taiwan plans to increase imports of US goods to help mitigate the trade deficit. The Taiwanese economy's heavy reliance on global trade is evident, with exports making up approximately 70% of its gross domestic product, as reported by the US Congress. Taiwan ranks as the United States' seventh-largest merchandise trading partner.