Tariff hikes and uncertainties we need to face

The recent announcement by the United States imposing the additional three percent tariff on goods shipped from the Philippines raised total tarriffs from 17 percent last April to 20 percent.

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This provoked many reactions in the business community. While this leaves us with a lower tariff rate compared with some countries, the journey to get to this figure, alongside the local and global events that happened may have caused more confusion than clarity and confidence.

This announcement comes after months of discussing just how much the final tariff would be after the famous "liberation day" announcements last April. It also comes after a round of oil price increases and reductions following the Iran conflict, which can bring disruption on its own. Already, business groups like the Philippine Chamber of Commerce and Industry have raised concerns about how these will affect our exports.