Lawmakers slam US trade deal for unbalanced tariffs

Filipino lawmakers have expressed concerns over a new trade agreement with the United States, finalized during President Ferdinand Marcos Jr.'s visit.

The deal reportedly involves the Philippines imposing zero tariffs on US imports while Philippine exports will face a 19% tariff.

Senate President Juan Miguel Zubiri criticized the agreement as "highly unbalanced," stating the Philippines should have secured terms similar to Japan's reciprocal tariff deal.

Zubiri pointed out that Japan, a treaty ally, secured a 15% reciprocal tariff agreement, and even Indonesia has obtained more favorable trade terms.

Senator Panfilo Lacson previously criticized the 19% versus 0% tariff difference as "not the most fair deal" and an "insult."

Senator Imee Marcos echoed these concerns, questioning the perceived lack of victory for the Philippines in the agreement.

Senator Francis Pangilinan called for the full details of the trade deal to be released to scrutinize its potential impact on the local economy, particularly concerning US agricultural products.

The senators warned that the zero-tariff entry of American goods could flood the Philippine market with cheap imports, threatening local producers, especially in the agriculture sector.