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ASEAN says it won't impose retaliatory measures on US goods
Trade ministers of the Association of Southeast Asian Nations (ASEAN) convened virtually on April 10 to discuss a united response to reciprocal tariffs imposed by US President Donald Trump.
The ministers rejected retaliatory action against the US tariffs, opting instead for "frank and constructive dialogue" to prevent mounting trade tensions.
The US tariffs, which range from 10% for Singapore to 49% for Cambodia, have been described by ASEAN as "unprecedented" and disruptive.
The Philippines faces a 17% tariff increase, which Trade Secretary Cristina Aldeguer-Roque believes may benefit Philippine exports, particularly coconut products, due to a higher tariff imposed on competitor Thailand.
Roque emphasized the importance of ASEAN solidarity and stated that the Philippines will listen to its partners' proposals before deciding on its direction.
While ASEAN partners meet, individual countries have begun seeking compromises with the US directly.
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The Philippine government, through the Department of Trade and Industry (DTI), has expressed its support for a unified ASEAN response to US President Donald Trump's export tariffs but will not engage in trade retaliation.
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ASEAN economic ministers have expressed a commitment to engage in dialogue and avoid retaliatory measures against the United States' "reciprocal tariffs" amid ongoing trade tensions.
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Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go will travel to the United States to meet with US Trade Representative Jamieson Greer regarding President Donald Trump's announced 17% reciprocal tariff on Philippine goods.
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The Philippines will support Malaysia's call for a united ASEAN response to the high export tariffs imposed by the United States on goods from member nations.
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Philippine business groups are concerned about potential retaliatory actions from ASEAN members in response to new US tariffs.
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