Taiwan trade team heads to U.S. for new round of tariff talks

Taipei, Jan. 15 (CNA) Taiwan's trade negotiation team, led by Vice Premier Cheng Li-chiun (鄭麗君) and chief trade negotiator Yang Jen-ni (楊珍妮), has departed for the United States for a new round of in-person trade talks that officials say are in the final stages, the Cabinet said on Thursday.

The delegation left Taiwan late Wednesday after coordinating the meeting schedule with their U.S. counterparts, according to the Cabinet's Taiwan-U.S. trade working group.

Following the talks, the two sides are expected to announce the substance of any consensus reached, the group said.

A formal trade agreement will be signed at a later date, after which the full text will be submitted to Taiwan's Legislature for review, in accordance with legal procedures, the group added.

The meetings will focus on four main objectives, including further lowering tariffs on Taiwanese goods without stacking them on existing most-favored-nation (MFN) rates and securing the most favorable treatment under Section 232 tariffs for semiconductors, semiconductor-derived products and other items, the working group said.

Other goals include expanding the "Taiwan model" within U.S. supply chains and seeking a more favorable investment environment for Taiwanese firms, while promoting bilateral trade balance and building a strategic partnership in the global artificial intelligence supply chain, the negotiation team said.

The meetings, the sixth round of in-person trade negotiations between Taiwan and the U.S., will be held amid reports that the two sides are close to reaching a trade agreement.

The New York Times reported earlier this week that U.S. tariffs on Taiwanese imports could be reduced to 15 percent, and Taiwan Semiconductor Manufacturing Co. (TSMC) plans to make additional investments in Arizona, including the construction of at least five new semiconductor plants.

On Tuesday, Taiwan's Office of Trade Negotiations said the two sides had already reached broad consensus on relevant issues and were discussing the timing of a wrap-up meeting, after which the main elements of the agreement would be made public.

The new round of negotiations also follows a White House announcement on Wednesday regarding semiconductor tariffs.

According to Taiwanese officials, the U.S. and Taiwan had previously reached a consensus on preferential treatment for semiconductors and related products, which will be confirmed during the new round of talks.