The Donald Trump administration has signed a final reciprocal trade deal that confirms a 15% tariff on imports from Taiwan while committing Taiwan to a timetable for eliminating or reducing tariffs on nearly all US goods, Reuters reported.
The document, published by the US Trade Representative's office, also commits Taiwan to significantly increase purchases of US goods between 2025 and 2029, including $44.4 billion in liquefied natural gas and crude oil, $15.2 billion in civil aircraft and engines, $25.2 billion in electrical grid and generator equipment, and marine and steel equipment.
The agreement also adds specific details to a trade deal first reached in January, which reduced tariffs on Taiwanese goods from 20% to 15%. This put Taiwan on a level playing field with its closest Asian export competitors - South Korea and Japan.
The deal will immediately eliminate Taiwan's tariffs on many agricultural imports, including beef, dairy products, corn and other imported goods. U.S. Trade Representative Jamieson Greer said in a statement that the agreement will increase export opportunities for American farmers, ranchers, fishermen, workers and manufacturers.
Taiwanese President William Lai said the trade and customs agreement with the United States marks a “key moment” for Taiwan's economy and industry.
The agreement will provide Taiwan with the flexibility to expand globally and the opportunity to move towards a stronger and more prosperous future, while at the same time solidifying the high-tech strategic partnership between the two parties to the agreement, William Lai said.