Escudero urges clarity on US tariff hike

Senate President Francis Escudero called on state economic managers to prepare for the 17-percent tariff imposed by the United States starting April 9, 2025.

During a forum on Thursday, April 3, Escudero expressed concern over the potential impact of the new tariff and urged government to provide clarity amidst confusion.

Escudero highlighted that the baseline information should be out by sundown to help the nation move forward and cushion the economic impact.

The Senate chief cautioned against rushed retaliatory responses, emphasizing the need for a calibrated approach given that $1 in every $6 of the country's export earnings comes from trade with the US.

Escudero also noted that soybeans imported from the US could potentially be affected by the tariff hike, which would translate to higher costs for local chicken and hog growers who use them as feed.

Despite the challenges, Escudero expressed full trust in economic managers to minimize pain and maximize gain, noting opportunities presented by any upheaval.

The United States accounts for nearly 17 percent of the Philippines' exports, worth over USD1 billion in January 2025 alone, making this issue particularly pressing.