Taiwan is also the world leader in exporting semiconductors, which are used in automobiles, cellular devices, and more. Taiwan’s
reported that chips accounted for 40% of Taiwan’s $446.45 billion in 2021 exports, a 27.1% increase from 2020.Sacks also stated that successful trade talks were a top priority for Taiwan President Tsai Ing-wen. “She is a trade negotiator by training, helps lead the negotiations for Taiwan to enter the World Trade Organization , and took a politically unpopular step over a year ago when she lifted export restrictions of U.S. pork and beef with an additive,” Sacks explained.Speaker Pelosi and others for their support and indicated that Taiwan is a reliable partner for the U.S.
In terms of what an actual agreement could look like, Sacks listed out potential options for the U.S. and Taiwan considering the Biden administration does not have“It’s unclear to me whether the end product here will be a formal trade agreement that’s submitted to Congress for approval, or whether it’s something just short of that, but addresses trade facilitation, labor standards, environment standards,” Sacks explained.
Source: News Formal (newsformal.com)
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