United States and Taiwan sign agreement on reciprocal trade
Agreement will enter into force following domestic formalities
Officials from the United States and Taiwan yesterday signed an agreement on reciprocal trade. Read text of the agreement and the tariff schedule.
According to a USTR fact sheet, key terms include:
- Taiwan will eliminate or reduce 99% of tariff barriers and provide preferential market access for a wide range of U.S. industrial and agricultural exports.
- Taiwan will resolve longstanding non-tariff barriers, accepting U.S. standards for vehicles, medical devices, and pharmaceuticals, and facilitating entry of additional agricultural products.
- Both sides commit to promoting cross-border investment, strengthening supply chain resilience, and increasing Taiwan’s purchases of U.S. goods, including energy, aircraft, and power equipment.
- The United States will reduce tariffs on originating goods from Taiwan, applying the higher of either the Most Favored Nation (MFN) rate or 15%, with certain products exempted.
The agreement will enter into force following domestic formalities, including legislative review in Taiwan.