Trade Chief seeks meet with US counterpart to talk tariffs
Trade Secretary Ma. Cristina Roque is set to meet with her US counterpart to discuss the potential adverse impact on the Philippine economy of President Trump’s proposed reciprocal tariffs that have roiled markets and put traders and investors on edge.
“I’ve already set a meeting with my counterpart. So, I’m just waiting for the schedule of the meeting,” Roque told reporters on the sidelines of the Asia CEO Forum on Thursday when asked about the issue.
Roque said that it remains “business as usual” for now, downplaying concerns about the effect of the tariffs that are scheduled to take effect next week.
“So, we’ll just continue what we’re doing, look at the positive side and just continue to grow and to really level up and to really find avenues for us to really excel at what we do,” Roque said.
Trump just announced a 25-percent tariff on imported vehicles and automotive parts, effective April 3.
The auto industry in the US has expressed concerns that these measures will lead to higher car prices and reduced supply, with stocks of major automakers like GM and Ford dropping following the announcement.
Trump justified the tariffs as a move to protect American manufacturing jobs and hinted at further potential tariffs on other industries.
For the Philippines, the imposition of these tariffs could have significant economic implications.
This, as the United States is a major export destination for Philippine goods, particularly in the automotive sector.
In 2024, the Philippines exported approximately $1.89 billion worth of mechanical and electrical equipment to the United States, according to a report by the Congressional Policy and Budget Research Department (CPBRD), the research arm of the House of Representatives.
The Philippines is wary of the new US tariff policy as the Philippines exports more than it imports from the United States, resulting in a trade surplus of $4.9 billion in 2024, a 21.8-percent increase from the previous year.
This surplus could draw unwanted attention from the Trump administration, which views trade surplus as an indication of unfair trade practices.
