US, Taiwan Reciprocal Trade Deal Slashes Tariffs

(MENAFN) The United States and Taiwan formalized a reciprocal commerce accord on Thursday, cutting duties on Taiwanese shipments to 15% while seeking to reinforce collaboration across supply networks. The ceremony was supervised by Jamieson Greer, the US Trade Representative, operating under the framework of the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States, as detailed in an official announcement.

Under the terms of the arrangement, Taiwan will grant American manufacturing and farming exports "preferential market access" and "eliminate or reduce" 99% of tariffs on American merchandise. These items encompass mineral resources, beef and other cattle-derived goods, as well as motor vehicles.

Furthermore, Taiwan plans to allocate upwards of $84 billion toward US commodities from 2025 through 2029, covering energy infrastructure equipment, aircraft, liquefied natural gas, and crude petroleum.

As stated by the US Trade Representative’s office, Taiwan has committed to "resolve longstanding non-tariff barriers," including permitting American vehicles produced in line with the Federal Motor Vehicle Safety Standards of the United States without imposing additional requirements.

Greer remarked that the pact would dismantle both tariff and non-tariff obstacles confronting US exports to Taiwan, thereby generating expanded prospects for American agriculturists, livestock producers, fishers, laborers, small enterprises, and industrial manufacturers.

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