Taiwan Defends Trade, Currency Record Ahead of Possible US Tariffs 

Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)
Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)
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Taiwan Defends Trade, Currency Record Ahead of Possible US Tariffs 

Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)
Shipping containers are stacked in the port city of Keelung, Taiwan, 20 March 2025. (EPA)

Taiwan's central bank on Wednesday defended the island's trade and currency record ahead of possible tariffs from US President Donald Trump, saying the high current account surplus was a structural problem and Washington understood that.

Trump officials, including Treasury Secretary Scott Bessent, have said that much of the reciprocal tariff focus, to be announced on April 2, will be on 15 countries that have the highest trade surpluses, which Bessent has referred to as the "Dirty 15."

They did not name these, but according to US Census Bureau data, Taiwan is one of those 15 with the largest trade surpluses with the United States, along with countries like China and South Korea plus the European Union.

In a report to lawmakers, Taiwan's central bank noted that the island's current account surplus last year was 14.3% of GDP.

"It reflects the structural problem of the sharp increase in US demand for Taiwan's technological products and the expansion of our trade surplus with the United States. The US side understands this point of view," the central bank said.

Taiwan runs a large trade surplus with the United States, which surged 83% last year, with the island's exports to the US hitting a record $111.4 billion, driven by demand for high-tech products such as semiconductors, a sector Taiwan dominates.

"As Taiwan's trade surplus with the United States is relatively large, the risk of bilateral trade disputes between Taiwan and the United States must be carefully managed," the central bank said.

Taiwan has previously been put on a foreign exchange "monitoring" list by the US Treasury Department given its trade surplus and outsized current account surplus.

The central bank said its exchange rate policy aims to maintain an "orderly" foreign exchange market and financial stability, and that it never intended to gain an unfair competitive advantage in trade.

It also expressed concern about Trump's frequent economic and trade policy flip-flops and lack of clarity about his plans on tariffs in particular.

"Especially, the impact of the tariff increase policy is the most significant, which is detrimental to the growth of the global economy and may push up inflation," the central bank said.



Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)
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Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)

Saudi Arabia is accelerating efforts to strengthen food security, a strategic objective rooted in the Kingdom’s founding and shaped by its desert geography and limited water resources.

As part of its Vision 2030, the Kingdom has placed food security among its top priorities, implementing a national strategy to boost local production and promote long-term agricultural sustainability.

The agricultural sector’s contribution to GDP rose to SAR114 billion ($30.4 billion) in 2024, up from SAR109 billion ($29 billion) the previous year, according to the latest Vision 2030 annual report.

Government support, particularly through the Agricultural Development Fund, has fueled the sector’s growth. Agricultural loans increased by 54% between 2018 and 2024, reaching SAR5 billion ($1.33 billion).

Saudi Arabia has achieved higher self-sufficiency rates across several key products. Domestic production in 2024 included 2.95 million tons of fruit, 3.38 million tons of vegetables, 1.83 million tons of grains, 399,000 tons of eggs, 2.7 million tons of milk, 274,000 tons of red meat, 1.15 million tons of poultry, 217,000 tons of fish, and 8,500 tons of honey.

Aquaculture has seen significant growth, with fish production rising from 40,000 tons in 2016 to over 246,000 tons in 2024, driven by investments in sustainable technologies and marine projects. Saudi Arabia is positioning itself as an emerging regional hub for aquaculture.

The Kingdom’s progress reflects its long-term commitment to food security, supported by initiatives to enhance supply chains, stimulate private sector investment, and advance research and innovation in modern farming technologies. Authorities say the achievements so far signal Saudi Arabia’s ability to continue advancing toward self-sufficiency in a more resilient and sustainable agricultural environment.