U.S. commerce secretary hints at 'big deal' with Taiwan

Washington Sept. 11 (CNA) U.S. Commerce Secretary Howard Lutnick suggested in an interview on Thursday that the United States and Taiwan were close to reaching a trade agreement.

"We've got a big deal coming with Taiwan," Lutnick said in a CNBC interview, without offering details, while noting that trade negotiations with other countries only conclude after both sides sign an agreement.

In Taiwan, the Office of Trade Negotiations said in a statement on Friday that trade talks with the U.S. were making progress and that it was waiting for a conclusion meeting pending arrangements by the American side.

Taipei hopes to reach an agreement with Washington to reduce the recently enacted import tax imposed on most Taiwanese goods entering the U.S., the office said.

Negotiations between the two sides were triggered after U.S. President Donald Trump announced in early April an additional 32 percent tariff on Taiwanese imports to the U.S., with semiconductor and information and communications technology (ICT) products exempted from the measure.

The 32 percent tariff was later reduced to 20 percent and took effect on Aug. 1, with no agreement in place.

At the same time, Taiwan's trade negotiations office said it was negotiating for "preferential treatment" for Taiwanese semiconductor and ICT products that might also be subject to additional tariffs once the U.S. government concludes its investigation.

The U.S. Department of Commerce has launched a Section 232 investigation under the Trade Expansion Act into the semiconductor and other industries, the outcome of which could result in tariffs or other restrictions on such foreign products entering the U.S.