Welcome to Taiwan Tariff News and Tracker. I'm bringing you the latest developments in US-Taiwan trade negotiations as they unfold this week.
Taiwan's top trade negotiator Jenni Yang met with US Deputy Trade Representative Rick Switzer on Thursday at the Asia-Pacific Economic Cooperation summit in South Korea. The two officials exchanged views on strengthening economic and trade relations, and according to Taiwan's delegation, technical consultations for Taiwan-US reciprocal trade negotiations have been largely finalized, with document exchanges now underway.
Vice Premier Cheng Li-chiun confirmed yesterday that both sides are building consensus through these written documents, with the goal of finalizing a formal agreement after the APEC meeting concludes. The negotiations have focused on several key areas. Taiwan's team has been consulting with the US Trade Representative and Department of Commerce about trade balance and supply chain cooperation. They're seeking reciprocal tariff reductions that don't stack on top of existing most favored nation rates and preferential treatment for more than 232 tariff items.
Right now, Taiwan's exports to the United States face a 20 percent tariff, though semiconductors, a key Taiwanese export, remain excluded from these duties. Analysts are speculating that if current trends continue, Taiwan's equivalent tariff rate on exports to the US could drop from the temporary 20 percent down to 15 percent in the coming months.
This progress with Taiwan comes as the Trump administration simultaneously reaches a trade truce with China. On October 30th, President Trump met with Chinese President Xi Jinping in South Korea and announced he would cut tariffs on Chinese exports from 57 percent down to 47 percent in exchange for various Chinese concessions, including restrictions on fentanyl precursor chemicals and agreements to purchase American agricultural products and energy.
Notably, according to Trump, Taiwan was not discussed during the Trump-Xi meeting. When asked about the topic, Trump stated it never came up and was not discussed. Chinese Foreign Minister Guo Jiakun stressed that China's reunification is unstoppable and cautioned countries against maintaining diplomatic ties with Taiwan authorities.
For listeners focused on Taiwan's economic future, these developments are significant. The ongoing negotiations represent Taiwan's bid to reduce trade barriers and expand its economic relationship with the United States at a critical moment in US-China relations.
Thank you for tuning in to Taiwan Tariff News and Tracker. Be sure to subscribe for the latest updates on these evolving trade dynamics. This has been a Quiet Please production. For more, check out quietplease dot ai.
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