PH poised for US export leverage

With new United States (US) tariffs turning out "worse than expected" for Asian economies, Dutch financial giant ING said the Philippines' exclusion from the revised list could give the country a trade advantage, potentially allowing it to outperform its regional peers.

- BY DERCO ROSAL

"Interestingly, countries like India, Singapore, and the Philippines, which are not on the new tariff list, may be closer to finalizing trade deals with the US, potentially giving them a competitive edge," Deepali Bhargava, regional head of research at ING Asia-Pacific, said in a commentary on Tuesday, July 8.

US President Donald Trump is looking to reimpose the reciprocal tariffs it slapped on Asian exports last April 2. Trump had imposed a 17-percent tariff on Philippine-made products going into the trade giant.

Trump later decided to pause the imposition of these tariffs across the board until July 9. Before the expiration of the three-month pause, Trump has reissued fresh tariff rates on transshipments; however, the original conclusion of the pause has been pushed back to a later deadline of Aug. 1.

Asian trade partners of the US have also been given three more weeks to strike a deal with Trump.