The likelihood of Taiwan getting reduced reciprocal tariff rates exempt from stacking in the final stage of negotiations with the US is “incredibly high,” head of the Executive Yuan's Office of Trade Negotiations and Minister Without Portfolio Yang Jen-ni (楊珍妮) said today.
The office “has confidence” in securing preferential treatment as a most-favored-nation (MFN) and additional measures under Section 232 of the US Trade Expansion Act under the leadership of Vice Premier Cheng Li-chiun (鄭麗君), Yang said.
The Legislative Yuan today convened the Ministry of Economic Affairs, the National Development Council and the Cabinet’s trade negotiation office to report on the progress of ongoing discussions with the US and the effect of incoming tariffs on Taiwanese industry.
Photo: CNA
Taiwan’s reciprocal tariff rate has already been reduced from the 32-percent rate set in April by US President Donald Trump to a provisional 20-percent rate, Yang said.
Since negotiations began in April, the US has been “very supportive of Taiwan’s pragmatic approach” and discussions developed positively, she said.
Taiwan is negotiating reciprocal tariffs alongside Section 232 measures, as its economy is highly dependent on trade and has a structural trade deficit with the US, of which nearly 90 percent comes from semiconductors, ICT products and electronic components, a report by the office said.
The negotiating team is addressing reciprocal tariffs and Section 232 measures as a joint package and is seeking a reduced tariff rate plus a guarantee that tariffs would not be stacked, Yang said.
It is seeking a Taiwan-specific model for supply chain cooperation with the US, which would include better investment conditions for Taiwanese companies operating in the US, to ensure a stable business environment and safeguard industrial competitiveness, the office said.
Most technical consultations with the US have been completed and both sides are now exchanging documents, it said.
Once the process is complete, Taiwan hopes to progress to the final concluding agreement and move towards a Taiwan-US trade agreement, it added.
Yang denied a report in the international media that the US government was seeking a commitment from Taiwan to train US workers in the semiconductor manufacturing sector and other tech industries as part of the trade deal.
“Such training has not been mentioned during our negotiations,” Yang said.
Economics Minister Kung Ming-hsin (龔明鑫) said at the legislative session that contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC) and other Taiwanese firms investing in the US and hiring US workers have their own training programs, which are crucial to the operation of their plants there.
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