The US will cut tariffs on Taiwanese goods to 15 in exchange for significant investment. Taiwan pledged hundreds of billions of dollars to boost US semiconductor production. The Commerce Department confirmed the agreement today.
Taiwanese semiconductor and technology firms committed to at least $250 billion in "new, direct investments." The deal also provides tariff carve-outs for Taiwanese companies investing in the US. Commerce Secretary Howard Lutnick stated the agreement would help the US become "self-sufficient" in semiconductor production. He made the comments in a CNBC interview.
The market impact is expected to be substantial. Experts predict increased investment in US-based semiconductor manufacturing. Company context: Major Taiwanese semiconductor firms are likely to benefit from the tariff reductions.
The US has prioritized boosting domestic semiconductor production. Covid-19 pandemic-related shortages exposed critical supply chain vulnerabilities. The US has allocated hundreds of billions in government subsidies to the industry.
The next step involves implementing the tariff reductions and investment plans. Further announcements are expected from both the US and Taiwanese governments.
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