Cabinet Secretary-General Kung Ming-hsin (龔明鑫) took office as Economic Minister this Monday. Amid an ongoing and extended tariff negotiation with the United States, Kung acknowledged that increased tariffs could affect order blocks, but reassured that Taiwan has a path forward with strategies to respond to such changes.

Kung, a former National Development Council minister and deputy economic minister, shared that the ministry will prioritize micro, small, and medium enterprises as well as support for traditional industries. He highlighted Taiwan’s role in the global market, saying it already plays a crucial and indispensable role in high-tech. Relevant investments could also create significant business opportunities, explained Kung.

The new economic minister said, “Although certain industries may face higher tariffs in the U.S. market than some competing countries, if these competitors seize the U.S. market, significant opportunities will emerge in non-U.S. markets, making it worthwhile for us to pursue diversified markets. Therefore, there are options and strategies to address any situation. This doesn’t mean we’re completely wiped out when tariffs are high. It depends on individual situations.”

Kung shared that he was presented a gift by Premier Cho Jung-tai (卓榮泰) when accepting the position. On the wrapping was the words “Prioritize the economy, a long way to go” (經濟優先，任重道遠), which Kung said added pressure to the role as he interpreted it as both a gift and a directive.

After dialogues with businesses on Monday afternoon, Kung plans to visit central and southern Taiwan on Tuesday and Wednesday to gain a better understanding of the situation at hand and propose more precise response measures as a result.