WASHINGTON - The United States has reached a market-opening trade agreement with Taiwan that should benefit U.S. automakers, U.S. Trade Representative Charlene Barshefsky announced.
Barshefsky said the automotive portion of the deal includes agreement by Taiwan to reduce tariffs sharply on imported vehicles and to cut or eliminate other barriers, including commodity taxes, local-content requirements and engine-displacement penalties.
Taiwan, while tiny, is the seventh-largest trading partner of the United States. Two-way trade amounted to $53 billion last year, but the United States had a $12 billion deficit, Barshefsky noted.
According to the Automotive News Data Center, light-vehicle sales number about 500,000 a year in Taiwan.