PH waiting for US decision on tariffs
In an interview with reporters on Wednesday, Trade Secretary Ma. Cristina Roque said that there would be 'really no second round (dialogue) for us.'
Last month, Roque, along with Economic Affairs Adviser Frederick Go and Philippine Ambassador to the United States Jose Manuel Romualdez, met with US Trade Representative Jamieson Greer and tackled 'mutually beneficial ways to strengthen the bilateral relations' amid the 17% tariff rate imposed by the US.
The trade dialogue was held within the 90-day suspension of US President Donald Trump's reciprocal tariff policy. The suspension will expire on July 8.
'Everything is a wait-and-see until they put it out… But we don't know what the outcome will be when they give us the verdict,' Roque said.
The Department of Trade and Industry chief, however, expressed confidence that the US will give a favorable decision on the Philippines' tariff plea, 'which is lower than 17%.'
Trump had earlier expressed willingness to extend the suspension of his reciprocal tariff policy for countries with ongoing trade talks with the US.
'Actually, I've heard that also, and that was what was told to us also, that there might be an extension. But, again, there's no [confirmation] yet,' Roque said.
'For now, the tariff is at 10%, which is lower than 17%. So, even with the extension, I feel we should be okay. Yeah, favorable for us because 10%. But, of course, if we really get the tariff lower than 10%, why not? But, again, everything is under negotiation,' she said.
Trump in April announced a sweeping reciprocal tariff policy on its trading partners, including the Philippines, which would be facing a 17% tariff on its exports to the US.
Although it is the lowest among its Southeast Asian peers, still the Philippine government sent a delegation to Washington to seek dialogue with US officials.
Trump had argued that the trading relationship between the US and its trading partners has become 'highly unbalanced,' thus the higher tariffs would be targeted on countries that have significant trade imbalances with America.
In other words, the US leader is trying to level the playing field for American industries by 'reciprocating' what other states are charging them for the goods they are selling in their countries.
Data from the USTR showed that the US goods trade deficit with the Philippines stood at $4.9 billion in 2024, up 21.8% from 2023.
US total goods trade with the Philippines amounted to about $23.5 billion in 2024, with American goods exports to the Philippines amounting to $9.3 billion, up 0.4%, while goods imports totaled $14.2 billion.
The US is the Philippines' top destination for its goods in 2024 at $58.7 billion, accounting for a lion's share, or 80.2%, of the top 10 nations where it exports, according to data from the Philippine Statistics Authority. —VBL, GMA Integrated News
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