Deputy US Trade Representative Sarah Bianchi and Taiwan’s top trade negotiator John Deng held the first round of trade talks of the US-Taiwan Initiative on 21st-Century Trade, which aims to deepen ties between the two economies. Bianchi said this initiative will unlock market opportunities, promote innovation, and create inclusive economic growth for workers and businesses. Washington has said the scope of the talks is limited and in keeping with the “unofficial” relationship with Taipei. The initiative, which drew strong criticism from Beijing, came in the wake of an agreement President Joe Biden announced with 12 Asian economies, which excluded Taiwan. Taiwan is the 10th largest export market for the US, as well as a vital source of semiconductors. A global shortage of the chips is hitting industries that rely on them from cars to smartphones, and pushing inflation higher.
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