Taiwan Secures Landmark Tariff Deal with US Amid Chinese Dismay

Taiwan and the US struck a trade deal, cutting US tariffs on Taiwanese goods to 15%, despite China's objections. The agreement promises significant investments in US tech, benefiting sectors like semiconductors, automotive, and aerospace. Taiwan aims to strengthen ties with the US amidst Chinese tensions.

Taiwan's premier Cho Jung-tai has praised the new trade agreement with the United States as a significant achievement, calling it the "best tariff deal" for countries with trade surpluses with Washington. Meanwhile, a Chinese official in Beijing criticized the accord.

The deal reduces US tariffs on Taiwanese goods to 15 percent in return for $250 billion in new investments in the US tech industry, drawing parallels to deals with the EU and Japan. Initially, former President Trump set the tariff at 32 percent but later reduced it to 20 percent.

Despite China's opposition to the agreement, viewing Taiwan as its territory, the US views this as a strategic economic partnership. The deal aims to bolster domestic manufacturing and revitalize America's semiconductor sector. However, it awaits ratification by Taiwan's parliament amidst concerns over impacts on the domestic semiconductor industry.

(With inputs from agencies.)