Philippines still seeking lower US tariff

GLOBAL TRADE has “responded well” to Washington’s broader relaxation of tariffs, though uncertainty still hangs over the outlook as Manila continues to negotiate the lowering of the 19% reciprocal duty on its exports, the Department of Economy, Planning, and Development (DEPDev) said.

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“I think that the global trade in many countries has responded well to the improvement,” DEPDev Secretary Arsenio M. Balisacan told reporters on the sidelines of a Senate hearing on Nov. 18.

“But still, it does not mean that uncertainty has disappeared. It’s still out there.”

The Philippines continues to press for a lower reciprocal tariff even after most of its agricultural exports were exempted under US President Donald J. Trump’s latest executive order, Mr. Balisacan said.

Other goods from the Philippines are still slapped with a 19% reciprocal tariff when they enter the US. However, Mr. Trump’s latest executive order exempted hundreds of agricultural products from the reciprocal tariffs starting Nov. 13.