bloomshorts Philippines-US Tariff Negotiations Ongoing
Key government economic adviser Frederick Go announced that negotiations regarding the Philippines’ new 19 percent US tariff rate are still underway, aiming to address concerns over the agriculture sector’s future.
Protection for Local Farmers
While some agricultural products like soy and wheat will see tariff reductions, essential sectors including sugar, corn, rice, fish, and pork will remain protected to safeguard Filipino farmers’ interests.
Benefits for Filipino Consumers
Go highlighted the potential price reductions in pharmaceuticals as a significant benefit of the tariff adjustments, aiming to make medicines more affordable for the Filipino population.
Expert Opinions on Trade Impact
Economics professor Jesus Felipe suggested that the actual impact on Philippine exports might be minimal, with many products likely exempted from the full tariff. However, concerns remain about the US’s approach to trade negotiations with smaller nations.
