Taiwanese exports to the US are to be subject to a 20 percent tariff starting on Thursday next week, according to an executive order signed by US President Donald Trump yesterday.
The 20 percent levy was the same as the tariffs imposed on Vietnam, Sri Lanka and Bangladesh by Trump.
Photo: Reuters
It was higher than the tariffs imposed on Japan, South Korea and the EU (15 percent), as well as those on the Philippines (19 percent).
A Taiwan official with knowledge of the matter said it is a "phased" tariff rate, and negotiations would continue.
"Once negotiations conclude, Taiwan will obtain a better rate," they said on condition of anonymity.
Washington is continuing talks with many countries concurrently and has yet to hold final summary consultations with Taiwan, they added.
Trump's tariff plan was first unveiled on April 2 as part of a sweeping package that included a proposed 32 percent duty on goods from Taiwan.
The significant reduction from 32 to 20 percent shows good progress, but is slightly higher than some other countries because Taiwan is among the top six countries with which the US has a trade deficit, the official said.
The announcement came one day before today's deadline for countries to reach agreements with the US on tariff reductions.
Implementation was initially delayed for 90 days — pushing the deadline to July 9 — and later extended again to today.
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