Taiwan's first phase of tariff talks with the United States went "smoothly" and the government hopes to take this challenge as an opportunity to promote a new Taiwan-plus-the-United States layout for trade, President Lai Ching-te said Monday.

Major semiconductor producer Taiwan had been due to be hit with a 32% tariff by U.S. President Donald Trump, until he put all tariffs ex-China on hold for talks to take place.

Taiwan and the United States on Friday held their first direct talks about the tariffs.

Speaking to representatives from university alumni associations at the presidential office in Taipei, Lai said Taiwan has overcome challenges before and has to work to turn crises into opportunities to transform the island's economy.