By: Brian Walczyk, Compliance Manager, TradeInsights, LCB, CCS

The Office of the United States Trade Representative (USTR) Ambassador Greer has signed an agreement with Taiwan’s Vice Premier Li-chiun Cheng on reciprocal trade.

The February 12 signing includes an Agreement on Reciprocal Trade, tariff schedule, and Fact Sheet for all the details.

Most Taiwanese goods will now have a 15% all-in tariff rate as opposed to the 20% IEEPA Reciprocal plus MFN rate that is currently enforced.

Taiwan and the U.S. will continue to work through final details which will be formally announced after the agreement makes its way through the domestic procedures for both countries – at which time the reduced or modified rates will be enforceable.

We will continue to monitor this situation and issue updates as needed. Please contact your V. Alexander account team, or you may also contact our Trade Compliance team at tradeinsights@valexander.com with any questions, and you can always follow us on our website www.valexander.com for updates on this and other topics.