Philippines eyes free trade pact with US amid Trump tariffs
MANILA, Philippines — The Philippines is eyeing a possible free trade agreement (FTA) with the United States following the new tariffs imposed by US President Donald Trump.
Manila was slapped with a 17% tariff as part of Washington’s sweeping hike in customs duties on its trade partners.
Special Assistant to the President for Investment and Economic Affairs Frederick Go said the government is still assessing the full impact of the tariffs.
However, the government is in talks with the US. Go said he plans to travel to the US to meet with the United States Trade Representative.
“The best possible outcome is a free trade agreement – free trade agreement means zero tariffs on their side, zero tariffs on our side – that’s probably the best possible outcome of that meeting but again it’s open communication, dialogue, cooperation and let’s see what we can negotiate,” Go said.
However, there is no definitive outcome yet as the dialogue is still ongoing, according to Go.
Go added that the Philippines is also monitoring the actions of neighboring Asian countries.
The Association of Southeast Asian Nations (ASEAN) has also begun internal discussions on the impacts of the tariffs.
Go said that ASEAN Trade Ministers will also engage with the US to relay their concerns.
“This is an ASEAN meeting after all, the most important conclusion is to—as a group is to discuss ways on how to further strengthen and boost intra-ASEAN trade and investment within the region,” Go said.
ASEAN members have also been imposed with the following tariffs:
- Cambodia: 49% tariff
- Vietnam: 46% tariff
- Thailand: 36% tariff
- Indonesia: 32% tariff
- Malaysia: 24% tariff
- Singapore: 10% tariff
The Philippines has several FTA partners, including South Korea, China, Japan, among others.
- Latest
- Trending
