TAIPEI (Taiwan News) — President Lai Ching-te (賴清德) praised the US-Taiwan trade agreement announced this week in a speech on Friday.

Speaking at the opening ceremony of the Taichung Industry Fair, Lai said the deal represents a win for both countries, reported CNA. Increased economic cooperation with the US will also give a boost to Taiwan’s industries domestically and globally, Lai said.

He added that he did not sleep the previous night because he was monitoring the conclusion of the trade negotiations, per CNA. Lai said he was relieved the agreement was concluded.   

The deal will lower tariffs on Taiwanese products to 15% in exchange for a major investment of NT$7.8 trillion (US$250 billon) from Taiwan. Lai urged everyone, including opposition lawmakers, to support the agreement.  

The president said four key objectives had been achieved during negotiations by the Taiwanese delegation led by Vice Premier Cheng Li-chun (鄭麗君). First, US tariffs were reduced to 15%, the same level as regional competitors such as Japan and South Korea.

Second, Taiwanese semiconductor companies investing in the US will be treated to tariff exemptions based on a “most-favored-nation” designation. 

Third, there was a memorandum of understanding with US authorities to assist Taiwanese firms in expanding their presence in the US. 

Fourth, the deal will make Taiwan and the US strategic partners in the development of next-generation AI technologies, according to an Executive Yuan press release. 

Both Lai and Premier Cho Jung-tai (卓榮泰) called the deal a resounding success and thanked the delegation members representing Taiwan for their hard work.