The Legislative Yuan should be able to approve the Taiwan-US tariff agreement this month, providing certainty for businesses, Deputy Legislative Speaker Johnny Chiang (江啟臣) said yesterday.
While touring a production line at Victor Taichung Machinery Works yesterday with American Institute in Taiwan (AIT) Director Raymond Greene, Chiang said he had confirmed with Greene that the agreement should be finalized by the middle of this month.
The US has agreed to lower tariffs on Taiwanese goods from 20 percent to 15 percent, without stacking them on the most-favored nation rates.
Photo: Tsai Shu-yuan, Taipei Times
The agreement grants semiconductors and related products most-favored-nation treatment under Section 232 of the US Trade Expansion Act.
As part of the agreement, Taiwanese semiconductor, electronics manufacturing service, artificial intelligence (AI) and energy companies would invest US$250 billion in the US based on their own plans.
The government also agreed to provide up to US$250 billion in credit guarantees for financial institutions to support investments in the US market by the semiconductor, and information and communications technology sectors.
The Taiwan-US Reciprocal Trade Agreement awaits signing.
Physical AI is a niche market for next-generation manufacturing in Taichung that would greatly complement the US’ focus on AI software, Chiang said.
Legislator Ho Hsin-chun (何欣純), the Democratic Progressive Party’s Taichung mayoral candidate, said Greene’s visit is a good sign for Taichung’s international ambitions.
Meanwhile, Greene said Taiwan is a dependable partner and plays a critical role in global supply chains.
US companies are changing their views, prioritizing security over costs, he said.
Taiwan-US relations have entered a “golden era,” Greene added, referring to Taiwan’s status as the US’ fourth-largest trade partner and how the US is the largest source of foreign investment in Taiwan.
While collaborations are primarily clustered in the semiconductor and AI industries, there would be opportunities for Taiwan and the US to build mutually beneficial deals in other economic sectors, such as the mechanical industry, he said.
Physical AI requires high-end robotics and mechanical functions, areas where Taiwan has a wealth of experience, Greene said, adding that such collaborations would help realize US President Donald Trump’s goal of reindustrializing the US.
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