Taiwan said it has achieved a “general consensus” with the United States on a trade agreement following negotiations triggered by steep US tariffs on Taiwanese exports imposed earlier this year.
President Lai Ching-te has pledged greater US investment and higher defence spending as Taipei seeks further tariff relief, while officials promised to brief parliament and the public on the final agreement.
Taiwan has reached a "general consensus" with the United States on a trade deal after months of negotiations, the island’s negotiators announced on Tuesday.
Taiwan and the US began talks in April after US President Donald Trump imposed a 32% tariff on Taiwanese exports as part of a broader sweep of measures against dozens of trade partners. The levy was later reduced to 20%.
Taiwanese President Lai Ching-te has pledged to increase investment in the United States and boost defence spending as his government seeks to further reduce the tariff burden and avoid potential duties on semiconductor chip exports.
In a statement, Taiwan’s Office of Trade Negotiations said: "The goal of the U.S.-Taiwan tariff negotiations has always been to seek reciprocal tariff reductions without stacking tariffs, and to obtain preferential treatment under Section 232 for semiconductors, semiconductor derivatives, and other items," adding that there was a "general consensus" on these issues.
Section 232 refers to a provision of the US Trade Expansion Act that allows tariffs to be imposed when national security is deemed to be at risk.
"Both sides are currently discussing the schedule for a concluding meeting, and an announcement will be made once it is confirmed," the statement said.
Taiwan’s trade officials also said they would provide "a complete explanation of the negotiations and the agreement" to the opposition-controlled parliament and the public once the process is finalised.
