WASHINGTON, D.C. – American farmers, ranchers, and innovators will be getting fairer treatment and America’s competitive edge against China will be strengthened with a new breakthrough reciprocal trade agreement between the United States and Taiwan announced Thursday. Ways and Means Committee Chairman Jason Smith (MO-08) said:

“President Trump has landed a major trade agreement that gives American farmers, ranchers, and innovators fairer treatment which they deserve and puts America in better position against China by deepening our bilateral relationship with a key partner in Asia. This achievement builds on a Ways and Means-passed law that laid the groundwork for this historic agreement. Taiwan has agreed to eliminate or reduce tariffs on 99 percent of tariff lines – including zero tariffs on 94 percent of agricultural goods and 97 percent of industrial goods. U.S. beef and pork producers in particular should see increased export opportunities because this agreement addresses longstanding nontariff barriers, and our economy will benefit from $250 billion in direct investment from Taiwanese semiconductor and technology companies at a time when we are rapidly reshoring manufacturing of advanced semiconductors and dominating the global energy and AI race. I will continue to work with the Administration to ensure Taiwan upholds its commitments — particularly as it relates to leveling the playing field for American agriculture.”

To read the text of the Agreement on Reciprocal Trade, click here. To read the tariff schedule for both Taiwan and the United States under this agreement, click here.

To read the Fact Sheet, click here.