Taiwan Prepares for US Tariff Changes

President-elect Donald Trump is contemplating declaring a national economic emergency to impose tariffs on imports, impacting various sectors, particularly in Taiwan. The Taiwanese Ministry of Economic Affairs has warned that new tariffs could significantly affect the island's information technology and automotive industries, with contingency plans being discussed with trade associations. Meanwhile, Alberta Premier Danielle Smith emphasized strengthening Canada-U.S. relations to combat unfair Chinese trade practices as Trump maintains his tariff threats against Canadian goods. Trump has proposed a 25% tariff unless Canada addresses illegal immigration and drug trafficking, while also suggesting a potential merging of the two nations. Legal challenges are anticipated if Trump pursues tariffs via the International Emergency Economic Powers Act (IEEPA), which has not faced significant legal scrutiny in recent decades. Business groups in the U.S. are prepared to challenge any swift implementation of these tariffs, leading to further uncertainty for affected industries.