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

Officials from the Trump administration finalized a reciprocal trade agreement with Taiwan. The agreement imposes a 15% U.S. tariff on imports from Taiwan and requires Taiwan to lower or eliminate tariffs on nearly all U.S. goods. Taiwan is also committed to increasing purchases of U.S. products, including $44.4 billion in liquefied natural gas and crude oil, $15.2 billion of "civil" aircraft and engines, and $25.2 billion of "power grid equipment," generators, marine equipment, and steel-making equipment.

The deal reduces Taiwan's tariffs on many agricultural imports to zero. U.S. Trade Representative Jamieson Greer stated, "This agreement also builds on our longstanding economic and trade relationship with Taiwan." The deal aims to enhance supply chain resilience, especially in high-tech sectors.