US tariff issue could lead to better market access for Phl farmers

The country must leverage the reciprocal tariffs of the US to secure a trade deal that would expand Filipino farmers' market access to the world's biggest economy while allowing the entry of more food items that are not grown locally to boost food security, analysts said.

- By JASPER EMMANUEL ARCALAS

V. Bruce Tolentino, a former agriculture undersecretary and former member of the Monetary Board, said the government can use the current trade situation with the US to springboard a favorable trade deal that would yield "mutual benefits" for both countries.

The US earlier announced a 17-percent reciprocal tariff on all Philippine goods, which will take effect on April 10 (Philippine time) as part of the Trump administration's efforts to address his country's various trade deficits with its partners.

Trump claimed that his administration factored in currency manipulation as well as non-tariff barriers in the computation of the reciprocal tariff rates that the US is imposing on multiple countries.

However, foreign news agencies have reported that this was not the case since the formula used by the US involved dividing its trade deficit with a country by the value of its imports, and then divided again by half.

Nonetheless, Tolentino pointed out that agencies like the Department of Agriculture should study the concerns raised by the US on the country's non-tariff barriers (NTBs) on the entry of a wide range of food items that include frozen meat, fish and sugar.

NTBs are non-tariff measures imposed by a country that are deemed to be restricting the flow of trade.