AdvertisementAdvertisementEast AsiaA cargo ship docks at the port in Keelung on Apr 9, 2025. (File photo: AFP/I-Hwa Cheng)18 Jul 2025 05:41PM Bookmark Bookmark WhatsApp Telegram Facebook Twitter Email LinkedInRead a summary of this article on FAST.Get bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST TAIPEI: Taiwan's trade negotiators were "working around the clock" to strike a tariff deal with the United States, the island's vice president said on Friday (Jul 18), two weeks before Washington's deadline.US President Donald Trump has given his trade partners until Aug 1 to reach an agreement with the White House or be hit with his threatened levies.The US president has so far only announced deals with Indonesia, Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat tolls with China.Taiwan faces a 32 per cent tax and possible duties on semiconductor chips, which are a key driver of the island's economy."Our negotiators are literally working around the clock to strive to reach an agreement on reciprocal tariffs," Taiwanese Vice President Hsiao Bi-khim told journalists in Taipei."We are certainly aiming to reach an arrangement by Aug 1."Trump in April imposed a 10 per cent tariff on almost all US trading partners, while announcing plans to eventually hike this level for dozens of countries.But days before the steeper duties were due to take effect on Jul 9, he pushed the deadline back to Aug 1.TSMC quarterly profit seen soaring to record but Trump tariffs, forex a concernCommentary: What Donald Trump’s tariffs might end up doing to TaiwanHsiao said Friday that Taipei wanted a trade deal with Washington that "will benefit both sides"."The United States is indeed a very important trade partner for Taiwan," Hsiao said.Washington also "needs Taiwan in supporting resilient supply chains, in supporting manufacturing and some high-end technologies"."We have really counted on each other in recent years in developing our technologies, our economies and growth and prosperity," Hsiao said.Taiwan is a global powerhouse in chip manufacturing and Trump has previously accused the island of stealing the US semiconductor industry.Around 60 per cent of Taiwan's exports to the United States are information and communications technology, which includes chips.To avoid Trump's punitive tariffs, Taipei has pledged to increase investment in the United States, buy more of its energy and increase its own defence spending.Source: AFP/lhNewsletterWeek in ReviewSubscribe to our Chief Editor’s Week in ReviewOur chief editor shares analysis and picks of the week's biggest news every Saturday.Sign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin hereAlso worth readingContent is loading...Expand to read the full storyGet bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST