US and Taiwan sign ‘pivotal’ deal to cut trade tariffs

Taipei agrees to buy some $85bn of US energy, aircraft and equipment in exchange for 15 percent tariff rate.

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The United States and Taiwan have finalised a trade deal to reduce tariffs on Taiwanese exports and facilitate billions of dollars of spending on US goods.

The agreement announced on Thursday lowers the general tariff on Taiwanese goods from 20 percent to 15 percent, the same level as Asian trade partners South Korea and Japan, in exchange for Taipei agreeing to buy about $85bn of US energy, aircraft and equipment.