Taiwan's Office of Trade Negotiations reported Tuesday that a general consensus has been reached with the United States on a trade pact aimed at reducing U.S. tariffs on Taiwanese exports. The agreement's outlines were finalized after months of negotiations between Taiwanese and U.S. officials, according to the office.

The primary objective of the negotiations was to achieve reciprocal tariff reductions without accumulating tariffs, and to secure preferential treatment under Section 232, the office stated, as reported by AFP news agency. Section 232 of U.S. trade law allows for tariffs on imports that are deemed a threat to national security.

While the specifics of the agreement remain undisclosed, the development signals a potential shift in trade relations between the two economies. The trade office did not immediately respond to Al Jazeera's request for comment.

The U.S. and Taiwan have been deepening economic ties in recent years, driven in part by shared concerns over China's growing economic and military influence in the region. This agreement could be seen as a move to further solidify this relationship and diversify supply chains.

The implications of this trade pact extend beyond economics. Reduced tariffs could lead to increased trade volume, benefiting businesses and consumers in both Taiwan and the U.S. The agreement also carries geopolitical weight, potentially strengthening Taiwan's position on the global stage.

The next steps involve finalizing the details of the agreement and securing formal approval from both governments. The timeline for implementation remains uncertain, but the consensus reached marks a significant milestone in U.S.-Taiwan trade relations.