Philippines to Seek Lower Tariffs from US After Duty Hike
The Philippines intends to negotiate with the United States to reduce newly increased tariffs on its goods, according to the Philippine Ambassador to the U.S., Jose Manuel Romualdez. This comes after U.S. President Donald Trump announced a 20% tariff on Philippine imports, effective August 1, which is higher than the previously indicated 17%. Romualdez stated that the Philippines aims to “negotiate that down,” but did not specify a target tariff rate.
This tariff hike impacts a significant trade relationship. In 2024, the total goods trade between the U.S. and the Philippines was estimated at $23.5 billion. The U.S. imported $14.2 billion worth of goods from the Philippines, leading to a trade deficit of $4.9 billion for the U.S., a 21.8% increase from 2023. There has been no immediate comment from the Philippine President’s office regarding these developments.
Click here for more on World news
