US and Taiwan sign trade deal that includes tariff reductions

natural gas and crude oil and further open its market to American goods, including meat and dairy products, wheat, medical supplies and cars. Taipei also pledged to buy about $15 billion in U.S. civilian aircraft and components and invest about $25 billion in power generation equipment by 2029. The signing formalizes an agreement announced in January that would cut tariffs on goods from the self-governing island from 20% to 15%. Exceptions are made for generic drugs, microchips and smartphones, which the Trump administration is investigating with the possibility of future tariffs. The average tariff rate on Taiwanese goods exported to the United States will be reduced to about 12.3% from 35.8%, which was in effect after the reciprocal tariffs were imposed last April. The share of exports to the United States subject to reciprocal tariffs will be reduced from 24% to 15.5%. The remaining goods subject to U.S. inspections will continue to receive most-favored-nation treatment. Taiwan ...