MANILA, Philippines – The Department of Trade and Industry (DTI) has confirmed that it is “in receipt of the United States’ latest reciprocal tariff for the Philippines” and has expressed its concern on the imposition of a 20% tariff on Philippine exports.
In a statement on Thursday, DTI expressed concern on the tariff, “notwithstanding its efforts and constant engagements,” though the agency mentioned that the 20% rate is the second lowest among reciprocal tariffs the U.S. has imposed on countries in the region.
With this latest development, a Philippine delegation scheduled to hold discussions in the U.S. next week ahead of the tariff’s implementation on August 1, is likely to raise the issue.
“We recognize the concerns of the United States regarding trade imbalances and its desire to strengthen domestic manufacturing. However, global supply chains are deeply interconnected, and unilateral trade impositions will have adverse effects to the global economy. Thus, we believe in the need for constructive engagement to address trade issues,” the statement read.
The DTI assured the public that it will continue to actively engage with its U.S. counterparts towards a “balanced and mutually beneficial” trade relationship.
“In light of this development, the Philippines remains steadfast in advancing key economic reforms to sustain a competitive and investor-friendly business environment, while broadening its trade partnerships to create more market opportunities,” the DTI said.
U.S. President Donald Trump on Wednesday issued a round of tariff letters to seven countries, including Algeria, Iraq, Libya, Sri Lanka and the Philippines, according to a report from Reuters.
According to the report, the letters call for tariffs of 30% each on Algeria, Iraq, Libya and Sri Lanka, 25% each on Brunei and Moldova, and 20% on the Philippines.
