INTERNATIONAL
Taiwan says it hopes for more favourable US tariff rate, awaits 'concluding' meeting
Taiwan and the US are advancing trade talks aiming to ease tariffs on tech goods and secure fair treatment under Section 232 rules. - REUTERS
TAIPEI: Taiwan's government said on Friday that it hoped for a more favourable tariff rate from the United States after talks achieved "certain progress", and it was now awaiting a "concluding" meeting.
AI Brief
Taiwan's exports to the United States are currently subject to a 20% tariff.
Taiwan Deputy Trade Representative Yen Huai-shing said in a statement that talks with the United States continued to advance.
"Both sides acknowledge that the current negotiations have achieved certain progress, and we are now awaiting the U.S. side to schedule a concluding meeting," Yen said.
"Given the impact of the current 20% temporary reciprocal tariffs on our industries, we hope to secure more favourable and reasonable reciprocal tariff rates and preferential treatment for Section 232 tariffs through this agreement," she added.
Rates on semiconductors - a major Taiwanese export - and other key technology goods have not yet been set as they are the subject of a U.S. national security probe that is being conducted under Section 232 of the Trade Expansion Act of 1962.
The United States Trade Representative's office did not immediately respond to a request for comment outside of office hours in Washington.
U.S. Commerce Secretary Howard Lutnick said on Thursday on CNBC that "we have a big deal coming with Taiwan", but he did not give details.
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AI Brief
- Taiwan and the US are advancing trade talks and await a final meeting to conclude the agreement.
- Taiwan seeks lower tariffs and better treatment under Section 232, especially for tech exports.
- A major deal is expected, though the US has not yet shared specific details.
Taiwan's exports to the United States are currently subject to a 20% tariff.
Taiwan Deputy Trade Representative Yen Huai-shing said in a statement that talks with the United States continued to advance.
"Both sides acknowledge that the current negotiations have achieved certain progress, and we are now awaiting the U.S. side to schedule a concluding meeting," Yen said.
"Given the impact of the current 20% temporary reciprocal tariffs on our industries, we hope to secure more favourable and reasonable reciprocal tariff rates and preferential treatment for Section 232 tariffs through this agreement," she added.
Rates on semiconductors - a major Taiwanese export - and other key technology goods have not yet been set as they are the subject of a U.S. national security probe that is being conducted under Section 232 of the Trade Expansion Act of 1962.
The United States Trade Representative's office did not immediately respond to a request for comment outside of office hours in Washington.
U.S. Commerce Secretary Howard Lutnick said on Thursday on CNBC that "we have a big deal coming with Taiwan", but he did not give details.