US and Taiwan sign deal to lower tariffs

The United States and Taiwan said Thursday they signed a deal to confirm lower US tariffs on the democratic island’s goods, alongside Taiwanese spending commitments on American products.

The announcement formalizes an agreement unveiled in January to cut US tariffs on many Taiwanese exports from 20 percent to 15 percent, and boost investment in the US tech industry.

Thursday’s trade pact, which needs to be reviewed by Taiwan’s opposition-controlled parliament, “will eliminate tariff and non-tariff barriers facing US exports to Taiwan,” said US Trade Representative Jamieson Greer.

“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,” he added in a statement.