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After nine months of negotiations on tariffs, Taiwan and the US have finally reached a consensus. Taiwan’s negotiation team, led by Vice Premier Cheng Li-chiun, has wrapped up discussions with the US, which have ended with the signing of an MOU. Cheng says that Taiwan has secured the two most-favored outcomes it had sought. The first one is a “reciprocal tariff” rate of 15% without stacking. That is the lowest rate for countries that the US has a trade deficit with. The second is the US has committed to granting Taiwan semiconductors and related products the most favorable treatment under Section 232 of the Trade Expansion Act, if the act were to be invoked. President Lai Ching-te on Friday thanked the negotiation team for their efforts. Meanwhile, Premier Cho Jung-tai stated that all of Taiwan’s objectives had been achieved, saying that the team had delivered a stunning home run. Let’s hear more.

Lai Ching-te
President
None of us slept this morning, because we were following the negotiations closely, and addressing any issues that came up as soon as they arose. We only truly felt at ease after the papers were signed. These negotiations will help Taiwan’s industries stay rooted in Taiwan while expanding globally and selling to the entire world. In the future, trade cooperation between Taiwan and the US will grow even closer, and our economies can develop together to create a win-win situation. I would like to urge ruling and opposition parties to support this agreement, so that Taiwan can stride forward united.

Cho Jung-tai
Premier
I think that all four goals that we set off with have been achieved in the negotiations. It’s like a clean home run. Taiwan has TSMC, a sacred mountain that protects our nation. We often say that as long as the main peak of the mountain stays in Taiwan, the mountain will be in Taiwan. Taiwan will be the mountain, and the US will see Taiwan as an important and strategic partner.

Officials say that the US has accepted a “Taiwan model” under which Taiwanese companies will make direct investments of US$250 billion without being subject to most US governmental limitations. The Taiwan government will also provide up to US$250 billion in credit guarantees to support investments. The model is completely different from Japan’s and South Korea’s models. The investment figures are also different, at US$550 billion for Japan and US$350 billion for South Korea. The model is expected to give a boost to the competitiveness of Taiwan’s traditional industries, including machine tools and hand tools.

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