The US said on Thursday that it had signed a deal with Taiwan to reduce tariffs on goods from the democratic island, while increasing Taiwanese semiconductor and tech companies’ investments in America. The agreement, the US commerce department said, “will drive a massive reshoring of America’s semiconductor sector”. Under the deal, Washington will lower tariffs on Taiwanese goods to 15% , down from a 20% “reciprocal” rate meant to address US trade deficits and practices it deems unfair. Sector-specific tariffs on Taiwanese auto parts, timber, lumber and wood products will also be capped at 15%, the US commerce department said. …Taiwan is a powerhouse in the manufacturing of semiconductor chips, which are the lifeblood of the global economy, as well as other electronics.