Manila, Philippines – The government is concerned about the additional reciprocal tariffs imposed by US President Donald Trump against the Philippines.
From the 17% imposed on the country upon its return to the White House, the Trump administration, this July, raised the tariff to 20%.
Economic managers of the administration of President Ferdinand Marcos Jr. said that the government is continuing negotiations with the United States to have a bilateral comprehensive economic agreement, including the possibility of a free trade agreement.
According to Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go, along with the Department of Trade and Industry (DTI), they are set to talk to the economic team of the Trump administration to explore the possibility of reform.
Which aims to have an investor-friendly business environment, establish more trade, and create more business opportunities in the country.
In a statement, the DTI said that the Philippines has the second lowest tariff among countries in Southeast Asia, next to Singapore with 10%.
The government also understands the US’ trade imbalances and its desire to boost domestic manufacturing.
The Marcos administration’s economic team is scheduled to head to the United States next week.—Alvin Pelobello, Eurotv News