Marcos Bats For Unified Asean Stance Vs Tariffs

KUALA LUMPUR - Members of the Association of Southeast Asian Nations (ASEAN) may have to depend on each other more in the face of the United States' unilateral tariffs that could shrink markets and dampen economic activity, President Marcos said.

- By ALEXIS ROMERO

While the tariff to be imposed on the Philippines is lower compared to those of its neighbors, Marcos said the policy could have a permanent effect and force the country to find new markets.

"If you keep thinking about this, who do we do business with? ASEAN. If they are down, who do we do business with? If they buy, say, 100 tons of coconut every year or every month — whatever the number is — and then their economy weakened, they can only buy 20, what will we do with the remainder? We will search for new markets again," the President told reporters who covered the ASEAN Summit here.

"But if everybody is down, then everybody's markets will shrink...It's a real problem," he added.

Marcos pointed out that China, a major trading partner of the Philippines, is the "center of attention" in terms of the Trump administration's tariff regime.

"Of course, we watch very closely what is happening to the economy in China because it affects all of us...If this regime, which is unilaterally imposed, pushes through, (markets) would really plunge. It has a global effect and it is not going to be a good one," Marcos said.

"There will be, I believe, a shrinkage in economic activity. I hope not. I hope I'm wrong."