Taiwanese chip maker Vanguard International Semiconductor warned on Tuesday that U.S. tariffs on imported chips could spur inflation and impact global economic growth, but said it expects the direct impact on the company would be small.

The Taiwanese government has outlined a four-point consensus as part of its negotiation strategy with the US, as President Donald Trump considers imposing chip tariffs on Taiwan.

Taiwan Premier Cho Jung-tai said that U.S. President Donald Trump's threat to impose tariffs on imported chips would cause "not a small" impact to Taiwan's semiconductor industry. The premier was questioned by opposition lawmakers about how the country will face the threat.