Taiwan President Lai Ching-te said on Friday that the new 20% tariff rate set by the Trump administration on goods imported from the island is "temporary", and the government expects to negotiate a lower figure.

"Once a final agreement is reached, the tariff rate is expected to be reduced further," according to a Facebook post from Lai Ching-te, reiterated in a cabinet statement. The comments follow U.S. President Donald Trump's executive order on Thursday imposing tariffs ranging from 10% to 41% on U.

Taiwan, which is set to face a 20% tariff following President Trump’s executive order, plans to keep negotiating and aims to bring down the rate. The 20% rate, while lower than the current 32%, wasn’t Taiwan’s goal,