TAIPEI: Taiwan and the US have reached a “broad consensus” on their tariff talks and are discussing a timetable for holding a concluding meeting, Taipei said on Tuesday (Jan 13), as a source familiar with the matter said an announcement could come by the end of the month.
Taiwan is aiming for tariffs on its exports to the US to be cut to 15 per cent from 20 per cent, the government said in December.
Taiwan and the US began negotiations in April to hash out a trade deal after US President Donald Trump slapped a 32 per cent tariff on Taiwanese exports, which was later lowered to 20 per cent, as part of his sweep of measures against dozens of trade partners.
A major semiconductor producer, Taiwan has repeatedly said its offer to the US has included help in replicating the island’s success in building tech clusters around dedicated science parks.
The Trump administration is nearing a trade deal with Taiwan to reduce its tariff rate to 15 per cent and wants chipmaker TSMC to commit to building at least five more facilities in Arizona, the New York Times reported on Monday.
Taiwan’s trade surplus with the United States was the seventh highest of any country in 2024, reaching US$73.9 billion.
Responding to the report, Taiwan’s Office of Trade Negotiations said its goal has always been to get a reduction in the tariff rate.
“Taiwan and the United States have reached broad consensus on the relevant issues,” it said, without giving details. “The two sides are currently discussing the timetable for holding a concluding meeting.”
Taiwan’s trade officials also vowed to provide “a complete explanation of the negotiations and the agreement” to the opposition-controlled parliament and the public.
A source familiar with the talks, speaking to Reuters on condition of anonymity given the sensitivity of the matter, said an agreement could be unveiled before the end of January.
“It’s now just a matter of getting all the final details in order,” the source added while declining to provide further details.
The Office of the United States Trade Representative did not immediately respond to a request for comment outside of normal business hours in Washington.
TSMC declined to comment on whether it would invest more in the US on top of the US$165 billion that it has already pledged.
Taiwan’s chips are not subject to the US tariffs.
