Taiwan has expressed its readiness to engage with the United States on tariff-related matters at any moment, following a sharp downturn in its stock market triggered by trade uncertainty, Reuters reported. Foreign Minister Lin Chia-lung stated on Tuesday that the island is open to discussions with Washington, covering not just tariffs but also investments and non-tariff trade barriers.

The United States recently imposed a 32% tariff on Taiwanese goods, citing the island as one of its largest trade surplus partners. In response, President Lai Ching-te has proposed a zero-tariff framework with the US, coupled with increased Taiwanese investment and fewer trade hurdles. As a result the president is taking a great deal of flak at home.

Speaking to reporters outside parliament, Lin confirmed that Taiwan is prepared to talk as soon as a time and structure for discussions are agreed. US economic adviser Kevin Hassett indicated that Taiwan had initiated contact regarding the tariff situation.

Premier Cho Jung-tai added that while specific details would not be disclosed, Taiwan has a well-considered approach and competent representatives to handle the negotiations. Despite the absence of formal diplomatic ties, the US remains Taiwan’s most significant international ally.

Taiwan’s main stock index plunged nearly 10% on April 7 and slipped another 4% the next day. Shares in major firms like TSMC and Foxconn were hit hard, despite semiconductors being excluded from the tariffs. The American Chamber of Commerce in Taiwan urged the US to reconsider its actions, warning that further penalties could strain the vital relationship between the two nations.