US-Philippines Trade Talks: Potential Tariff Reduction Ahead
The Philippines intends to negotiate with the U.S. to reduce tariffs following a recent move by Washington imposing a 20% duty on imports from Manila. The Philippines' ambassador to the U.S., Jose Manuel Romualdez, confirmed ongoing plans for talks, amidst a growing trade deficit between the two nations.
The Philippines is set to negotiate with Washington to lower tariffs after the United States imposed a 20% duty on goods imported from Manila, announced the nation's ambassador to the United States, Jose Manuel Romualdez, on Thursday.
Romualdez stated, "We are still planning to negotiate that down," in a phone message, following U.S. President Donald Trump's tariff notices on August 1 to several trading partners, including the Philippines, resulting in a 20% duty, up from the previously mentioned 17%.
Despite not disclosing a specific rate that the Philippines aims to achieve, the trade relationship remains significant, with U.S. goods trade with the Philippines estimated at $23.5 billion in 2024. The deficit has widened to $4.9 billion, marking a 21.8% increase from 2023, as U.S. exports rose modestly, and imports surged more significantly.
(With inputs from agencies.)
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