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Escudero urges managers to plan for impact of 17% US tariff on PH
Senate President Francis Escudero urged economic managers to prepare contingency plans for the new 17 percent US tariff on Philippine exports, set to take effect on April 9, 2025.
He questioned the potential economic impact, asking if it would be an "economic earthquake" or a "slight tremor."
Escudero advised against a rushed retaliatory response, noting that tariffs could become a pass-on tax to consumers.
In 2024, the Philippines exported $14.2 billion worth of goods to the US, while importing $9.3 billion, resulting in a trade surplus of $4.9 billion.
In February alone, the Philippines shipped nearly $1 billion in goods to the US, making it the top export destination.
He expects updated information on the tariff's impact to be available by sundown on April 3, 2025, to guide the nation's forward.
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US President Donald Trump announced a 17% reciprocal tariff on all Philippine goods, effective April 9, as part of his "Liberation Day" tariff plan impacting 11 ASEAN countries.
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The Management Association of the Philippines (MAP) has voiced strong opposition to the new 17 percent import tariff imposed on Philippine goods bound for the United States, deeming it a potential economic crisis.
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Malacañang stated that the 17% reciprocal tariff imposed by the US government on Philippine exports will have a minimal impact on the country.
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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 Philippine Chamber of Commerce and Industry (PCCI) is urging the government to implement swift and strategic actions to mitigate the economic impact of the United States' new 17 percent tariff on Philippine goods.
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