US and Taiwan Sign Deal to Cut Tariffs, Boost Trade

The United States and Taiwan have signed a trade agreement to reduce US tariffs on Taiwanese goods and increase Taiwan’s purchases of American products.

The deal, announced Thursday, confirms an earlier agreement from January to cut US tariffs on many Taiwanese exports from 20% to 15%. It also aims to boost investment in the US tech industry.

US Trade Representative Jamieson Greer said the pact "will eliminate tariff and non-tariff barriers facing US exports to Taiwan" and strengthen supply chains, particularly in high-technology sectors.

Taiwanese Vice Premier Cheng Li-chiun said the deal gives Taiwan a "fair footing to compete with our rivals" and closes gaps left by previous free trade agreements. He added that Taiwan secured “Most Favored Nation” tariff treatment, reducing the average US tariff on Taiwanese exports from 15% to 12.33%.

Under the agreement, Taiwan plans to increase long-term purchases of key US products through 2029, including $44.4 billion in liquefied natural gas (LNG) and crude oil, $15.2 billion in civil aircraft and engines, and $25.2 billion in power equipment and grids.

In return, the US will reduce tariffs on Taiwanese goods. Taiwan also agreed to lower most of its own tariff barriers and provide preferential access for US industrial and agricultural exports.

The agreement now requires review by Taiwan’s parliament, controlled by the opposition.

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