Trade Tensions: Philippines and U.S. Negotiate Tariff Rates
The Philippines is negotiating with the U.S. over 20% tariffs imposed on its exports. Secretary Frederick Go affirms commitment to a bilateral trade deal, possibly a free trade agreement. Philippine officials will engage in negotiations to reduce these tariffs, essential given U.S.'s role as a primary export destination.
The Philippines is actively engaged in discussions with the United States concerning the new 20% tariffs imposed on Philippine exports, as announced by its economic affairs minister on Thursday.
Secretary Frederick Go emphasized the Philippines' dedication to ongoing negotiations with the U.S., aiming for a bilateral trade agreement, potentially culminating in a free trade arrangement. He expressed this commitment during a media briefing, outlining plans for further talks.
With tariff rates poised for activation on August 1, Philippine officials are set to visit the U.S. for negotiations aimed at reducing these tariffs, a strategic move given the U.S. accounts for 16% of the Philippines' exports. U.S.-Philippines trade reached $23.5 billion in 2024, with a rising trade deficit for the U.S.
(With inputs from agencies.)
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