TAIPEI (Taiwan News) — US Commerce Secretary Howard Lutnick on Thursday said that a trade agreement with Taiwan is imminent.
Speaking with CNBC in the morning, Lutnick outlined his recent discussions with commerce ministers from several countries, per CNA. Among the countries where recent progress has been made, Lutnick said, “We've got a big deal coming with Taiwan,” said Lutnick.
In July, President Donald Trump issued an executive order temporarily raising Taiwan’s tariff rate to 20%, in addition to the most-favored-nation rate and any anti-dumping or countervailing duties. Taiwan’s trade delegation is seeking to prevent these tariffs from being applied on top of existing ones.
Taiwanese businesses are preparing for the impact of Trump’s tariff plan, which could hit the semiconductor sector. With surging demand for AI chips, Taiwan’s trade surplus with the US has already reached a record high this year.
Lutnick said the US and South Korea had reached an agreement, adding, “But let's see if they come through with the paperwork.” His remarks were more optimistic than in recent weeks, suggesting new opportunities for countries still facing tariff hurdles.
Some of Lutnick’s conditions may prove difficult for others to accept. He hinted that the US is pressuring India to halt all purchases of Russian oil as part of any agreement.
India was the first to announce progress in trade with the US, but the talks later stalled. Trump recently said he will meet with Indian Prime Minister Narendra Modi in the coming weeks.
South Korea announced it had secured a deal with Trump to lower US auto tariffs in exchange for investment. Lutnick confirmed, however, that the agreement has not yet been formally signed.
Earlier this month, US Immigration and Customs Enforcement raided a Hyundai–LG joint-venture plant in Georgia. The action sparked concerns over work visas and the future of Korean investment in the US.
Lutnick also mentioned Japan, saying Tokyo has submitted documents. “Shaking the president’s hand is one thing,” he remarked, “but getting the pen to hit the paper is another.”
