Taiwan’s premier on Friday welcomed a newly announced trade agreement with the United States, calling it the most favorable tariff arrangement secured by any economy running a trade surplus with Washington, while Chinese officials in Beijing sharply criticized the deal.

Under the agreement, U.S. tariffs on Taiwanese goods will be reduced to 15% in exchange for $250 billion in new Taiwanese investment in the U.S. technology sector. The arrangement mirrors recent trade deals the Trump administration reached with the European Union and Japan following the president’s proposal to impose broad tariffs on major trading partners.

“For the time being, we have obtained the best tariff deal enjoyed by countries with trade surpluses with the United States,” Taiwan Premier Cho Jung-tai said. “This demonstrates that the U.S. views Taiwan as an important strategic partner.”

Cho said the agreement achieves parity with tariff terms granted to Japan, South Korea and the European Union. “Our objective is to reduce mutual tariffs. According to the negotiation results, Taiwan successfully secured a 15% tariff rate with no additional fees,” he said.

Trump had initially proposed a 32% tariff on Taiwanese goods before revising the rate first to 20% and ultimately to 15%.

China, which claims self-governed Taiwan as its territory, condemned the agreement. Foreign Ministry spokesperson Guo Jiakun said Beijing opposes any pact that implies official or sovereign recognition of Taiwan.

“China firmly opposes any agreement carrying sovereign or official characteristics between countries that maintain diplomatic relations with China and China’s Taiwan region,” Guo said during a regular press briefing.

The U.S. Department of Commerce described the deal as establishing a new economic partnership that will create several major industrial parks in the United States to expand domestic manufacturing. The department called it “a historic trade agreement that will drive significant reshoring of America’s semiconductor sector.”

Cho said Taiwan also secured zero tariffs on certain aerospace components, as well as 15% tariffs with no added fees on automotive and wood furniture products.

The agreement now awaits ratification by Taiwan’s legislature, where opposition lawmakers have raised concerns over potential effects on Taiwan’s domestic semiconductor industry.