PCCI warns of economic disruptions from US tariffs

The country's largest business organization yesterday warned of potential disruptions to the economy from the reciprocal tariffs imposed by the United States and the retaliatory measures that may be taken by other countries.

- — With Emmanuel Tupas

Philippine Chamber of Commerce and Industry (PCCI) president Enunina Mangio said during the group's general membership meeting that recent developments on US tariff policies are of particular concern for businesses, as these present both challenges and opportunities for the country's exporters.

Last week, US President Donald Trump announced the imposition of reciprocal tariffs on goods from trade partners to address the gap in its imports and exports with other countries.

While the 17 percent reciprocal tariff imposed on Philippine goods entering the US market is among the lowest in Southeast Asia and the US has yet to announce the exact coverage, the PCCI said such tariffs typically target specific categories of goods such as food and agricultural products and electronics, which are major exports of the country.

"We are wary at the potential impact the actions other countries may take in response to the US' reciprocal tariffs," the PCCI said.

Among those planning countermeasures in response to the tariffs imposed by the US are Canada and the European Union.

"Retaliatory measures can disrupt global supply chains, increase costs and create uncertainty for businesses and consumers, bringing about a broad negative effect on economic growth," the PCCI said.