TAIPEI (Taiwan News) — Taiwan and the US held trade talks in South Korea on Thursday, Vice Premier Cheng Li-chun (鄭麗君) confirmed Friday, sparking optimism about a reduction in tariffs.

The government stated that Taiwan’s trade negotiator, Minister Without Portfolio Yang Jen-ni (楊珍妮), met with US Trade Representative Jamieson Greer. The two representatives were present at a meeting for the APEC Ministers Responsible for Trade, per Reuters. 

Yang reported to Cheng that bilateral talks had moved in a good direction. Both sides reportedly expect to hold further talks, with hopes for increased economic cooperation. 

According to Cheng, “Taiwan is confident it can reach trade balance by increasing purchases from the US.” He also said the US has become Taiwan's top overseas investment destination. 

Yang said that her negotiation team has swiftly responded to US tariffs. When US President Donald Trump announced the tariffs in April, Taiwan was prioritized in trade talks, Yang said. 

Taiwan and the US held their first negotiations via video on April 11. In late April, Yang's team traveled to DC for two days of in-person meetings.

Yang said the team's priorities are to protect national interests and domestic industries. They did not discuss the exchange rate, she added. 

The US had placed import tariffs of 32% on Taiwan's products before pausing the plan for 90 days. Taiwan has developed response mechanisms, including more purchases of US goods and investments, to balance the trade deficit.