Washington: Negotiations between the United States and Taiwan have reportedly made substantial advancements, as stated by a senior U.S. administration official. The discussions are part of a broader effort by the U.S. to strengthen trade ties with multiple nations.

According to Focus Taiwan, the U.S. administration under President Donald Trump has recently established trade framework agreements with several countries, including Argentina, Ecuador, El Salvador, and Guatemala. Additionally, joint announcements have been made with Vietnam and Indonesia, and there has been positive progress in talks with India. However, the official noted that any final agreements will ultimately be decided by President Trump.

Taiwan Cabinet spokesperson Michelle Lee addressed reporters, emphasizing that the ongoing talks aim for a "Taiwan model." This comes amidst reports that the U.S. is seeking an investment pledge ranging from US$350 billion to US$550 billion from Taiwan. The Trump administration is reportedly negotiating for a commitment that falls between South Korea's US$350 billion and Japan's US$550 billion.

Lee clarified that the "Taiwan model" focuses on companies' strategies for international expansion, encouraging investments in the U.S. to enhance competitiveness and proximity to clients. The Taiwanese government is expected to provide financial and credit guarantee support for these initiatives. Lee also confirmed Taiwan's efforts to secure a reduction in the current 20 percent tariff imposed by the U.S., aiming to prevent its addition to existing most-favored-nation tariffs.

Taiwan is further seeking most-favored-nation treatment under Section 232 of the U.S. Trade Expansion Act, as Washington conducts a national security investigation to determine tariffs on semiconductor imports. Lee mentioned that Taiwan's negotiating team completed the fifth round of face-to-face discussions with their U.S. counterparts by the end of September, followed by a virtual meeting, though details were not disclosed.

The bilateral talks continue, and once a consensus is achieved, both nations will proceed to the final round of negotiations to finalize a deal, Lee stated.