PH braces for Trump tariffs' economic impact

The Philippines is preparing for potential negative economic consequences should Donald Trump impose significant tariffs on non-China countries upon his return to power.

NEDA Secretary Arsenio M. Balisacan warned that a 20 percent tariff on non-China nations and a 60 percent tariff on China could disrupt the global economy.

These tariffs could lead to increased prices in the U.S., potentially fueling inflation and reducing the purchasing power of consumers.

Despite these concerns, Balisacan expressed confidence in the Philippines' ability to adapt to any U.S. administration's policies and stated the country can work with any government.

He highlighted the importance of ongoing internal reforms to help the nation navigate global economic shifts and manage potential risks.

To mitigate economic vulnerability, the Philippines has actively diversified its export markets through new trade agreements with countries like Korea, the UAE, and the EU.