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Palace downplays fears of recession
The Philippine Star
|April 05, 2025
Citing the resilience of the economy, Malacañang yesterday downplayed fears that the Trump administration's slapping of a 17-percent tariff on Philippine exports to the United States would result in a recession in the Philippines.
"Definitely, the administration of President (Marcos) will not allow that to become the result. What we can see now is that the Philippine economy is resilient," Palace press officer Claire Castro said in an interview over Teleradyo yesterday.
US President Donald Trump has unveiled a raft of punishing tariffs targeting countries, including the Philippines and some of its closest trading partners, in a move that risks sparking a ruinous trade war.
Speaking at the White House Rose Garden against a backdrop of US flags on Wednesday, Trump slapped the most stinging tariffs on China and the European Union on what he called "Liberation Day."
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