Bloomberg: US Adjusts Section 232 Tariffs on Certain Taiwanese Products

According to a Bloomberg report, the US has adjusted Section 232 tariffs on certain products imported from Taiwan, based on a previously reached memorandum of understanding, according to a notice from the Office of the United States Trade Representative (USTR). According to Bloomberg, this notice was published in the Federal Register. The report indicates that the adjustments apply to auto parts, timber, wood, and wood-derived products. After the adjustment, the combined tariff on applicable products is capped at 15%, and the Section 232 tariffs on steel, aluminum, and copper applicable to Taiwanese civil aircraft parts are removed.