Executive Yuan holds presser on Taiwan-US tariff and trade deal｜Taiwan News

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The Executive Yuan on Tuesday morning held a press conference to formally present and explain the terms of the Taiwan-US trade deal. After nine months of efforts by the trade team, Taiwan has secured a much lowered tariff rate of 15% without stacking, as well as most favorable treatment under Section 232. Premier Cho Jung-tai said it was thanks to the team’s incredible attention to detail that resulted in this success. Vice Premier Cheng Li-chiun, who led the negotiations team, hoped that the deal will usher in a new beginning, in which “Taiwan-US can lead.”

Cho Jung-tai
Premier
Today marks the eighth month since May 20 last year. So it’s been one year and 8 months since President Lai took office. Vice Premier Cheng has spent more than nine months in negotiations.

The Executive Yuan is holding a press conference to formally present results of the Taiwan-US tariff and trade talks. Premier Cho Jung-tai emphasized that the vice president’s attention to detail, proposing a “Golden Plan,” bumped Taiwan’s position up the US’ agenda.

Cho Jung-tai
Premier
Throughout the entire negotiations process, Vice President Hsiao Bi-khim proposed a “Golden Plan” that allowed our proposal to be placed at a prominent spot, making it easy for President Trump to see the contents, which is the “Taiwan Model” proposed by Vice Premier Cheng.

Cheng Li-chiun
Vice Premier
The entire negotiations process was implemented by the whole government. I believe from the memorandum of understanding, it’s clear that we’ve secured a favorable tariff rate. At the same time, we also hope to expand our investments in the US, and thereby promote Taiwan-US supply chain cooperation. In the past we said, “Taiwan can help,” but we hope that in the future, it’ll be “Taiwan-US can lead.”

Taiwan’s trade negotiations team successfully pushed “reciprocal tariffs” down to 15% without stacking, as well as secured most favorable treatment for semiconductors and related products under Section 232. In exchange, Taiwan has pledged direct investments of US$250 billion, while the government will also provide US$250 billion in credit guarantees for businesses seeking to invest in the US. That said, the deal needs to get the legislature’s approval once finalized. The premier urges the opposition-controlled legislature to review it without bias.

Cho Jung-tai
Premier
The entire talks were fully guided by the upholding of national interests. I believe we have thoroughly explained the parts that are already ongoing. I sincerely hope that the legislature can engage with us as equals, on the basis of correct information.

Cheng Li-chiun
Vice Premier
In the upcoming weeks, Taiwan and the US will formally sign a reciprocal trade agreement. We are so close to the finish line. We have also expressed to the US again, our wish for the deal to be finalized the soonest possible, to avoid double taxation between Taiwan and the US.

The trade team has secured rather beneficial terms for Taiwan against all odds. Now, it’s up to the legislature to give the deal a final seal of approval.

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