Philippines has secured a reduction of the proposed US tariff on its goods from 20% to 19% during President Ferdinand Marcos’ meeting with Donald Trump.
Economic adviser Frederick Go also emphasized that negotiations are still ongoing, with technical groups working to finalize details. While the US will eliminate tariffs on some Philippine agricultural products like soy and wheat, key produce such as sugar, corn, rice, fish, and pork will remain protected.
Go also highlighted benefits like lower medicine prices due to tariff-free pharmaceuticals as Only 16% of Philippine exports go to the US, mostly electronic components exempt from tariffs, so the economic impact is expected to be minimal.
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