Treasury Secretary Janet Yellen said the lack of a tax agreement with Taiwan is a major impediment for businesses, and the Biden administration will be looking to address the issue.

“I do recognize that this is a very significant problem that we really need to explore ways to deal with,” Yellen said in answering a question at a House Appropriations subcommittee hearing Wednesday. It’s something “the private sector has repeatedly pointed out is an issue,” she said.

While the US and Taiwan have deep economic ties, including the island being a key source of semiconductors used in American industry, there …