1 month ago
8
The Department of Trade and Industry (DTI) is taking a proactive measure in response to United States (US) President Donald Trump’s proposed universal tariffs that could potentially threaten the country’s export sector.
In a statement, DTI Secretary Cristina Roque noted that the US is a major trading partner for the Philippines. Tariffs, as a result, could impact a slew of Philippine exports.
“The extent of the impact will depend on a number of factors, including the final tariff rate and the response of other countries,” said Roque.
To address this concern, the DTI said it will work closely with the Trump administration to mull solutions that are “mutually beneficial”.
Among the plans under consideration is the possibility of preferential trade agreements, which the agency says will support both the Philippines and US’ economies.
“The DTI is committed to ongoing dialogue with the US administration to convey our concerns about the proposed universal tariff,” said Roque.
“We are confident that through collaboration and open communication, we can reach a resolution that is beneficial to both our nations and our people,” she added.
Based on data from the Philippine Statistics Authority (PSA), the US remained the top destination for Philippine-made goods in 2024, with exports valued at $12.12 billion.
Key imports from the Philippines include semiconductor devices and computer peripherals, automobile parts, electric machinery, textiles and garments, processed food and beverages, among others.
The DTI chief emphasized that a free and open trade is essential for economic growth and development, both in the Philippines and globally.
“We are working earnestly with our trading partners, including the US, to ensure that trade remains a driving force for prosperity,” noted Roque.
US President Trump earlier revealed that he is strongly considering the introduction of a 10 percent across-the-board tariffs on all products imported into the US from overseas.
Recently, the White House announced that it was implementing a 25 percent tariff on imports from Canada and Mexico as part of Trump’s efforts to curb immigration and drug smuggling.
Such tariffs, however, has since been suspended as leaders of three neighboring counties agreed to a 30-day pause.
