ISTANBUL

Taiwan will "deepen" its economic and trade relations with the US in the face of Trump tariffs, hoping to create a "win-win situation" during ongoing talks with Washington, DC, the island's leader, William Lai Ching-te, said on Thursday.

Lai made the remarks during a meeting with visiting American scholars in Taipei, according to an official statement.

Taiwan faces a 20% tariff from the US as part of a series of "reciprocal" tariffs imposed on 67 countries.

Lai expressed hope that a consensus could be reached "quickly" during ongoing tariff negotiations with the US and that cooperation between Taipei and Washington could be "deepened," according to a statement from his office.

Taiwan announced plans in March to invest $100 billion in building semiconductor plants in the US to avoid high tariff rates, ensuring that Taiwan's chipmaker, TSMC, would later be exempt from the US' 100% processor tariffs.

Taiwan will also "strengthen its national defense, build economic security, and work with like-minded countries such as the US" in response to China's "continued intensification of threats and oppression against Taiwan," said Lai.