Executive Yuan: US Officially Announces Section 232 Tariff Exemptions for Taiwan's Non-Semiconductor Products

According to the Central News Agency, the US has officially announced Section 232 tariff exemptions for Taiwan's non-semiconductor products in the Federal Register as of the morning of May 28th (US Eastern Time). This includes reducing the tariff rate on auto parts exported to the US to 15%. Taiwan and the US signed an investment MOU in January, making Taiwan the first country to receive such preferential treatment under Section 232. The US had previously indicated that auto parts, timber, and aircraft components would be exempt or capped at 15%. Deputy Premier Cheng Li-chun stated that this measure will enhance the competitiveness of Taiwanese businesses. Minister of Economic Affairs Kung Ming-hsin noted that the stock market reacted positively, and the reduced tax gap with China allows Taiwanese manufacturers to shift from a defensive to an offensive strategy.