Taiwan has earmarked $2.7 billion to help industries affected by US President Donald Trump’s new tariffs, the government said Friday.

“The plan aims to address various needs of industries and society in the future,” Premier Cho Jung-tai told reporters, with the industrial and agricultural sectors as the main targets of the assistance.

Taiwan had sought to avoid Trump’s threatened levies by pledging increased investment in the United States and more purchases of US energy, but was still hit by a hefty 32 percent tax on its imports, excluding semiconductor chips.

The government has described the tariffs as “highly unreasonable” and “unfair”, and is seeking negotiations with Washington.

Taiwan’s trade surplus with the United States is the seventh highest of any country, reaching $73.9 billion in 2024.

Around 60 percent of Taiwan’s exports to the United States are information and communications technology products, or ICT, which includes chips.