The Daily Tribune
Phl deserves better deal
Canadian mogul Kevin O'Leary urges the US to offer the Philippines a fairer trade deal, citing current US tariffs on Philippine exports as unbalanced.
US President Donald Trump imposed a 19 percent tariff on all US-bound Philippine exports, a move confirmed by President Ferdinand Marcos Jr. during a White House meeting.
In exchange for these tariffs, the Philippines agreed to remove tariffs on American automobile imports, a decision that has raised concerns among local business leaders.
O'Leary highlighted that the Philippines has offered zero tariffs on US imports while maintaining similar tariff rates with Indonesia, whom he claims offered nothing in return, deeming the current arrangement unfair.
The investor emphasized the strategic importance of the Philippines due to its location amidst rising tensions with China and its role in protecting US interests in the Taiwan region.
O'Leary believes a more balanced trade agreement would strengthen the relationship between the two nations and better serve mutual interests.
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President Ferdinand Marcos Jr. hailed a one-percentage-point reduction in U.S. tariff rates on Philippine exports to 19 percent, resulting from bilateral talks with U.S. President Donald Trump.
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Philippine business groups are cautiously optimistic as the US announced a 19% tariff rate on Philippine goods, a reduction from a potential 20%, in exchange for the Philippines opening its market to US automobile imports with zero duties.
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Filipino lawmakers have expressed concerns over a new trade agreement with the United States, finalized during President Ferdinand Marcos Jr.'s visit.
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Finance Secretary Ralph Recto stated that the Philippines is open to lowering tariffs on some US products as a negotiation tactic to secure reciprocal zero or lower tariffs from the US.
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Malacañang stated that the 19% US-imposed reciprocal tariff on Philippine exports will have limited effects on the country's economy, as confirmed by economists from ADB and CreditSights, and RCBC.
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