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.)
ALSO READ
Qatar Summons Iranian Ambassador Amidst Air Base Attack Tensions
India Clarifies Stance on Iranian Oil Imports Amid Escalating West Asia Tensions
India Surges Russian Thermal Coal Imports to Record Highs
Japan's Rice Crisis: Boom in Private-Sector Imports Amid Soaring Prices
India Imposes New Trade Restrictions on Bangladeshi Jute Imports