The US and Taiwan agreed to a long-sought trade pact that would lower tariffs on goods from the self-governed island to 15% and see Taiwanese semiconductor companies increase financing for American operations by $500 billion.
Under the terms announced Thursday, duties on Taiwanese shipments would fall from the previous 20% rate — putting them on par with Japan and South Korea, which struck their own deals last year. The new rate wouldn’t stack on top of existing most-favored-nation duties, according to a statement from the cabinet in Taipei.
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