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Inflation-stoking tariffs to hike rates
Manila Bulletin
|April 7, 2025
When the United States (US) sneezes tariffs, the world—including the Philippines—may catch a cold in the form of higher borrowing rates, making debt accumulation to fund ballooning public expenditures and the wider budget deficit more expensive.
On the sidelines of the 20th Philippine Dealing System (PDS) Annual Awards Night on Friday, April 4, National Treasurer Sharon P. Almanza told reporters that while it remains to be seen how US President Donald Trump’s reciprocal and baseline tariffs would impact debt markets, more expensive imports would stoke US inflation.
Almanza noted that if the inflationary impact of these tariffs slows down US economic growth, the global economy would likely follow suit.
A combination of high inflation and slow economic growth may lead to higher borrowing rates in the US, which could then spill over globally.
Days after Trump announced the 17-percent reciprocal tariffs on Philippine exports to the US, the Bureau of the Treasury (BTr) is eyeing to raise P25 billion from short-dated T-bills and P30 billion from reissued seven-year bonds this week.
Dit verhaal komt uit de April 7, 2025-editie van Manila Bulletin.
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