Taiwan in discussions with US on tariffs and trade matters

Taiwan in discussions with US on tariffs and trade matters

Taiwan is actively engaged in negotiations with the United States regarding potential tariffs and trade matters, as the deadline for US tariff measures approaches. The discussions come amidst a broader context of global trade tensions and the US administration's efforts to renegotiate trade terms with various countries.

Minister of Economic Affairs Kuo Jyh-huei stated that talks with the US are ongoing, but declined to provide further details on the progress of negotiations. The US Treasury Secretary, Scott Bessent, announced that the deadline for countries to reach agreements and avoid tariffs has been extended to August 1, giving countries an additional three weeks to negotiate better terms [1].

The US has notified 14 countries, including Japan, South Korea, and Thailand, that they will face new tariffs ranging from 25 percent to 40 percent starting August 1, unless they successfully negotiate lower rates. The US-UK trade deal has been finalized, enhancing US export access, particularly for agriculture, and granting UK automakers limited access to reduced tariffs [2].

Taiwan has been excluded from the initial list of countries facing new tariffs but is still in negotiations with the US. The island nation is seeking tariff relief to avoid steep import tariffs. Taiwan's Executive Yuan spokesperson, Michelle Lee, confirmed that Vice Premier Cheng Li-chiun was in Washington for talks on the tariffs, but no further details were provided [3].

President Lai Ching-te has urged Taiwan's trade delegation in the US to secure a fair and favorable tariff deal that protects national interests. The delegation, led by Vice Premier Cheng Li-chiun and Trade Representative Yang Jen-ni, is focused on safeguarding national and industrial interests, particularly in the areas of public health and food security [4].

The ongoing negotiations highlight the complex nature of global trade dynamics and the US administration's strategy to renegotiate trade terms with various countries. As the deadline approaches, both Taiwan and other affected nations are working to reach agreements that minimize the impact of potential tariffs.

References:
[1] https://www.taiwannews.com.tw/news/6150290
[2] https://natlawreview.com/article/deadline-new-country-specific-reciprocal-tariff-rates-delayed-august-1-some-rate
[3] https://news.abplive.com/business/taiwan-seeks-tariff-relief-amid-ongoing-trade-talks-with-trump-administration-1786426
[4] https://www.rti.org.tw/en/news?pid=151239&uid=3