- Analytics
- News and Tools
- Market News
- US, Taiwan reach deal on first part of '21st Century' trade pact
US, Taiwan reach deal on first part of '21st Century' trade pact
As per the latest announcement from the US Trade Representative's (USTR) office, published late Thursday by Reuters, “The US and Taiwan reached agreement on the first part of their ‘21st Century’ trade initiative, covering customs and border procedures, regulatory practices, and small business.”
The official announcements also accompany comments from USTR Katherine Tai who said, “The deal strengthens US-Taiwan relations and demonstrates that they can work together to advance trade priorities for their populations.”
Additional details
The pact is not expected to alter goods tariffs but proponents say it will strengthen the economic bonds between the U.S. and Taiwan, open the Chinese-claimed island to more U.S. exports, and increase Taiwan's ability to resist economic coercion from China.
China has reacted furiously to Taiwan's President Tsai Ing-wen's recent engagements with high-ranking US politicians, including an April meeting with US House of Representatives speaker Kevin McCarthy.
The announcement of the trade pact comes just ahead of planned meetings between China's Commerce Minister Wang Wentao and USTR Tai and US Commerce Secretary Gina Raimondo.
Market implications
The news challenges the market’s optimism amid fears of more US-China tension, which in turn may prod the US Dollar buyers, especially due to the latest concerns about the hardships for the US debt ceiling deal passage. Even so, the AUD/USD and NZD/USD fail to immediately react to the news.
Also read: US House hardliners could try to block debt-ceiling deal without 'robust' cuts
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
