The United States and Taiwan have reached a deal to reduce tariffs on goods from the democratic island, while increasing investments by Taiwanese companies into American tech industries, the U.S. Commerce Department said Thursday.
Under the deal, Washington will lower tariffs on Taiwanese goods to 15 per cent, while Taiwanese semiconductor and tech businesses are set to make “new, direct investments totaling at least US$250 billion” in areas like semiconductors and artificial intelligence.
Taiwan will also provide “credit guarantees of at least $250 billion to facilitate additional investment by Taiwanese enterprises,” the Commerce Department added.
