According to the latest announcement from the office of the US Trade Representative (USTR), published late on Thursday by Reuters, “The US and Taiwan reached an agreement on the first part of their ’21st Century’ trade initiative, which covers customs and border procedures, regulatory practices and small businesses“.
The official announcement also accompanies comments from USTR Katherine Tai, who said: “The agreement strengthens relations between the US and Taiwan and demonstrates that they can work together to advance trade priorities for their populations..”
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The pact is not expected to change tariffs on goods, but proponents say it will bolster economic bonds between the US and Taiwan, open up the Chinese-claimed island to more US exports and increase Taiwan’s ability to resist coercion. Chinese economy.
China has reacted with fury to Taiwan President Tsai Ing-wen’s recent meetings with high-ranking US politicians, including a meeting in April with House Speaker Kevin McCarthy.
The trade pact announcement comes just ahead of planned meetings between Chinese Commerce Minister Wang Wentao and US Trade Representative Tai and US Commerce Secretary Gina Raimondo.
Source: Fx Street
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