US, Taiwan Reach Deal To Cut Import Tariffs, Boost Chip Investment In America
Synopsis
According to a statement from the U.S. Department of Commerce, the tariff rate on Taiwanese goods will be 15% and Taiwan will invest at least $250 billion in America’s semiconductor industry.
The United States and Taiwan have reached a trade agreement that will reduce tariffs on goods imported from the island and boost investment in the U.S. semiconductor industry.
According to a statement from the U.S. Department of Commerce, the tariff rate on Taiwanese goods will now be 15%, down from 20% before.
Taiwanese semiconductor companies will also make direct investments of at least $250 billion to build and expand the semiconductor industry in the U.S., as per the statement.
Taiwan will also provide credit guarantees totalling at least $250 billion for additional investment by Taiwanese companies in the U.S.
As per the department, the “historic trade deal will drive a massive reshoring of America’s semiconductor sector” and “strengthen U.S. economic resilience, create high-paying jobs, and bolster national security.”
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