US, Taiwan finalize deal to cut tariffs, boost purchases of US goods

Officials from the Trump administration ​signed a final agreement on ​reciprocal trade that confirms ‌a 15% ​U.S. tariff rate for imports from Taiwan, while committing Taiwan to a schedule for eliminating ‌or lowering tariffs on nearly all U.S. goods. The document released by the U.S. Trade Representative's office, also commits Taiwan to significantly boost purchases of U.S. goods ‌from 2025 through 2029, including $44.4 billion worth of liquefied natural gas ‌and crude oil, $15.2 billion worth of civil aircraft and engines, $25.2 billion worth of power grid equipment and generators, marine and steelmaking equipment. The agreement adds technical language and ⁠specific details ​to a trade ⁠agreement first reached in January that cut tariffs on Taiwanese goods, including from its ⁠powerhouse semiconductor industries, to 15% from the 20% initially imposed by Trump. That puts ​Taiwan on an equal footing to its closest Asian export competitors South ⁠Korea and Japan. The deal will immediately eliminate Taiwan's tariffs of up to 26% on ⁠many ​agricultural imports, including beef, dairy, corn and other imports. U.S. Trade Representative Jamieson Greer said in a statement that the agreement will ⁠boost export opportunities for U.S. farmers, ranchers, fishermen, workers, and manufacturers.

"This agreement also ⁠builds on ⁠our longstanding economic and trade relationship with Taiwan and will significantly enhance the resilience of our supply chains, particularly ‌in high-technology ‌sectors," Greer added.