US Tariff Plan Threatens Philippine Semiconductor Industry
The US is considering imposing 100% tariffs on semiconductors, which could severely impact the Philippines. Industry leader Dan Lachica highlights the significance of semiconductors, making up 70% of the country's exports.
- Country:
- Philippines
The United States is contemplating imposing staggering 100% tariffs on semiconductors, a move described as 'devastating' by an industry leader in the Philippines. Concerns are mounting over the potential repercussions for the Southeast Asian nation, where semiconductors play a critical economic role.
Dan Lachica, the president of the Philippine semiconductor industry, has expressed alarm over the proposed tariffs, emphasizing the sector's prominence. With semiconductors accounting for approximately 70% of the Philippines' exports, the country stands to face significant economic challenges if the US follows through with its plan.
This development has sparked fears within the industry, prompting calls for diplomatic dialogues to avert adverse impacts on the Filipino economy and maintain strong US-Philippine trade relations.
(With inputs from agencies.)
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