The Philippines says it’ll ‘act fast and take advantage’ of its ‘advantageous position’ in a post-Trump tariff world
The Filipin’s reaction to “thermal optimism” was on Thursday to the American definitions Donald Trump, saying that the high prices that were placed on its neighbors could provide an opportunity.
The US ally has long been subjected to a 17 % mutual tax, although the Manila Ministry of Trade and Industry (DTI) has noticed that the country was ranked among the “least damaged”.
“As we expected, the Philippines are among the least affected among the main exporters of the United States,” she said, noting that the customs tariff is much higher placed on Vietnam (46 %), Thailand (36 %) and Taiwan (32 %).
“The new definitions put the Philippines in a more useful position … especially for some export products,” said trade secretary Christina Rocky, citing coconut as a possibility.
“The task is now reach for DTI and other government agencies is how to act quickly and take advantage of this new development,” she said.
While the percentage of the Filipino GDP derived from exports is much lower than its neighbors, Rock said that the United States remained a “decisive export market”.
The American embassy data shows the trade goods in Washington with Manila amounted to $ 4.9 billion in 2024, an increase of 21.8 % per year.
But while Manila saw the positive side, it also indicates a willingness to participate in conversations.
Rock said the Philippines was ready to discuss “access to improved markets” for the main export interests of the United States, such as cars, dairy products, frozen meat and soybeans.
Her statement said that she had already contacted her American counterpart for talks.
While more than half of the US share of approximately 17 % of Filipino exports is represented by electronic components, it was details about thin goals.
“So far, we still have details about the industries that will be affected,” Claire Castro, a spokeswoman for the presidential palace, told the correspondents.
But Victor Abla, senior economists at the University of Manila in Asia and the Pacific, told AFP that he expects semiconductor exports to be affected and “maybe a little wire harness”.
He said that many electronic components, however, would have already gone to Japan and China, other markets in the Philippines.
Even if electronic parts are targeted, the Philippines can still go forward given the higher duties that have been placed on regional competitors.
He added that this contrast can see factories attractive to the country, while warning that this may take some time.
George Barcelona, president of the Philippine Chamber of Commerce and Industry, said he preferred to consider the definitions “from the positive side” because of the fact that other countries faced higher fees.
While recognition of consistency in the case may be a cause of anxiety, Barcelona has suggested that retreat at home can eventually see that Trump reconsides the case.
He said: “Sometimes, as you know, imposing these types of definitions may have a negative aspect of the American consumer, so Trump may interact later and change them.”
This story was originally shown on Fortune.com
2025-04-03 11:52:00
