U.S. lowers tariff on Taiwanese goods to 15% in trade deal

Taipei, Jan. 16 (CNA) The United States has agreed to lower tariffs on Taiwanese goods from 20 percent to 15 percent, without stacking them on existing most-favored-nation (MFN) rates, after concluding trade negotiations with Taiwan on Thursday (U.S. time), Taiwan's Executive Yuan said Friday (Taiwan time).

The agreement also grants semiconductors and related products the most favorable treatment under Section 232 of the Trade Expansion Act and includes commitments to expand supply chain investment cooperation and deepen Taiwan-U.S. strategic collaboration on artificial intelligence, the Cabinet said.

The new tariff rate of 15 percent matches U.S. rates on goods from major trade partners such as Japan, South Korea and the European Union.