The U.S. and Taiwan have made a trade agreement. The agreement will eliminate motor vehicle import quotas in Taiwan and reduce tariffs on certain goods.
The agreement between the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office (TECRO) establishes a trade and economic cooperation framework.
As part of the agreement, TECRO will incrementally eliminate or reduce tariffs on goods from the U.S. and accept U.S. standards and certifications for goods, including automobiles.
The agreement states that the countries’ aim is to enhance mutual economic prosperity, technological collaboration, resilient supply chains and alignment on economic and security matters.
The RVIA said all Taiwanese goods currently subject to most-favored-nation (MFN) baseline tariffs below 15% will be adjusted to a 15% rate. Products already facing tariffs above 15% will not incur any additional increases.
The deal will take effect one day after both parties submit confirmation in writing of completed “internal procedures required for its entry into force.”
