Economists warn Trump's tariff policies could hurt Phl economy

Economists at the 15th Security Bank Economic Forum cautioned that the Philippines could face renewed trade headwinds if a Trump-led resurgence in U.S. tariff measures materializes, warning that such protectionist policies may unsettle global supply chains and weigh on the country’s export competitiveness.

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Now in its 15th year, the forum—held under the theme “Trump, Trade, and the Impact on ASEAN’ —brought together policymakers, industry leaders, and economists to dissect how shifting U.S. trade and tariff policies could alter the region’s economic landscape.

“Global shifts—from U.S. trade policies to geopolitical tensions—continue to reshape the flow of goods, capital, and talent,” said Cirilo P. Noel, chairman of Security Bank.

“For Philippine businesses, these translate into real challenges such as supply chain disruptions and investment uncertainties.” Noel explained.

Curtis S. Chin, former U.S. Ambassador to the Asian Development Bank and Senior Advisor for Global Markets at the Milken Institute, said that if former president Donald Trump’s protectionist stance returns, it could amplify regional competition for trade and investment, while also spurring ASEAN economies to deepen intra-regional integration.