The U.S. reached a trade deal with Taiwan on Thursday, with the goal of enhancing reciprocal trade between the U.S. and Taiwan.

Under the agreement, Taiwan agreed to remove or reduce 99% of its tariff barriers on U.S. goods and provide preferential market access for U.S. industrial exports including automobiles and auto parts, chemicals, seafood, machinery, health products, electrical products, metals, and minerals.

Taiwan will also provide preferential market access for U.S. agricultural exports, including horticultural products, wheat, beef and beef products, dairy products, pork and pork products, lamb and sheep meat, tree nuts, dog and cat food, ketchup, and peanuts.

Most goods that Taiwan exports to the United States will be subject to a 15% import tax. This is the same general rate the U.S. applies to many other trading partners in the Asia-Pacific region.

Specifically, the U.S. will charge whichever is higher: the standard Most Favored Nation (MFN) tariff rate (the normal tariff applied to countries within this region) or a total tariff of 15%. The 15% rate includes the MFN tariff plus an additional reciprocal tariff established under Executive Order 14257 issued on April 2 of last year.

For more details on the U.S.-Taiwan Agreement on Reciprocal Trade, the please see this factsheet posted by the USTR.