U.S. eases some tariffs on Taiwan to formalize trade agreement
Tariffs on auto parts fall from 26.71% to 15%, while aircraft components drop to 1.12% under a January memorandum of understanding, officials said.
- On Wednesday, the United States reduced tariffs on Taiwanese auto parts, aircraft components, and wood products, retroactively applying new rates to May 1. Vice Premier Cheng Li-chiun confirmed the move implements a bilateral trade agreement.
- A January memorandum of understanding between the United States and Taiwan drives these cuts, aiming to strengthen economic cooperation through increased investment by Taiwanese technology companies in the U.S. semiconductor supply chain.
- Minister of Economic Affairs Kung Ming-hsin noted auto parts tariffs dropped to 15 percent, matching rates for the European Union, South Korea, and Japan. Aircraft component duties fell to 1.12 percent.
- Cheng urged Washington to consider the "complementary" nature of the two sides' high-tech industries. She expressed hope that potential Section 232 tariffs on semiconductors would be implemented "hopefully not too soon" to minimize business uncertainty.
- President Donald Trump's broader trade tensions with China remain a factor, as Beijing still faces tariffs of more than 50 percent while Taiwan's recent reductions narrow the competitive gap with regional rivals.
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12 Articles
Taiwan seeks reassurances as U.S. weighs potential semiconductor tariffs
Taipei, May 28 (CNA) Taiwan's vice premier on Thursday called on Washington to clarify tariff exemption quotas and preferential treatment outlined in an investment memorandum of understanding (MOU) signed in January, as the United States considers imposing protective tariffs on semiconductor imports.
Taiwan says US has no timetable for chip tariffs, preferential terms already agreed
TAIPEI, May 28 (Reuters) – The U.S. has no timetable for levying Section 232 tariffs on semiconductors but preferential terms have already been agreed under a January trade deal, Taiwan Vice Premier Cheng Li-chiun said on Thursday. • The U.S. is removing or cutting some tariffs to 15% on Taiwanese imports as part of a bilateral trade deal reached in January, covering goods including auto and aircraft parts, wood and steel, according to a n…
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