Article by Viory
President Lai Ching-te said Taiwan had secured the ‘largest’ concession in reciprocal tariffs compared to its other major trading partners, as both countries finalised a deal on Thursday to cut tariffs and boost purchases of US goods.
“Taiwan is deepening its economic strategic partnership with the United States,” Lai said. “This not only allows Taiwan to play a crucial role in the return of manufacturing to the US, but also facilitates joint expansion into third-country markets.”
He announced that Taiwan’s reciprocal tariff will be lowered to 15 percent from the initial 20 percent following the deal.
“Last month, Taiwan and the United States signed the Taiwan-US Maritime Investment Memorandum of Understanding. Earlier today, we further completed the signing of a reciprocal trade agreement,” he added.
Lai maintained the agreement reverses Taiwan’s long-standing trade disadvantages stemming from the lack of a free trade agreement with Washington.
“It fundamentally strengthens the resilience of Taiwan’s economy and supply chains, thereby helping Taiwanese enterprises to be based in Taiwan, deploy globally, and market to the world,” Lai said.
The Office of the United States Trade Representative, in its statement, said that Taiwan would eliminate or reduce 99 percent of tariff barriers and would provide preferential market access for its industrial exports, including autos and auto parts, chemicals, seafood, machinery, health products, electrical products, metals, and minerals.
The statement further said that Washington will apply the higher of either the US Most Favored Nation (MFN) tariff rate or a tariff rate of 15 percent.
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