Taiwan is hoping to restart trade negotiations with the US in a bid to reduce all tariffs and would expand procurement of US goods while making new investments in the country, President William Lai (賴清德) said in an article published by Bloomberg today.
Taiwan is willing to cut its average nominal tariff rate of 6% to zero on the basis of reciprocity with the US to encourage greater trade and investment flows between the two countries by removing the last vestiges to free and fair trade, Lai said.
In response to the rising demand for semiconductors and AI-related components, which has increased Taiwan’s trade surplus, the nation would seek to narrow the trade imbalance through the procurement of energy, agriculture and other industrial goods from the US, Lai said.
Photo courtesy of the Presidential Office
Taiwan would also pursue additional arms procurements that are vital to the nation’s self-defense and contribute to peace and stability over the Taiwan Strait, Lai added.
In addition, Taiwan would establish a cross-agency “US Investment Team” to support bilateral trade and investment in response to emerging opportunities in electronics, ICT, energy and petrochemicals, he said.
“These steps form the basis of a comprehensive roadmap for how Taiwan will navigate the shifting trade landscape, transforming challenges in the Taiwan-US economic relationship into new opportunities for growth, resilience and strategic alignment,” Lai said.
Taiwan and the US have shared economic and security interests that would not only overcome turbulence in the international trade environment, but also define the future of a free and open Indo-Pacific, Lai added.
A diplomatic source said Lai’s article is part of Taiwan’s negotiation strategy that is intended to play a critical role in the coming 90 days.
The article is intended to express Taiwan’s sincerity in having dialogue and to demonstrate that Taiwan is confident and able to make contributions in areas such as security and the economy as a responsible party in the region, the source said.
The key is to address trade issues that concern the Trump administration with concrete steps, the source said, including concerns over export controls and improper transshipment of low-cost goods through Taiwan.
The Legislative Yuan would play a critical role in this, the source said.
Additional reporting by Chen Yun
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