PCCI warns SMEs face costs due to US tariffs

The Philippine Chamber of Commerce and Industry (PCCI) warns that small and medium enterprises (SMEs) may face additional costs due to the US government's imposition of 17-percent tariffs on Philippine imports.

The PCCI highlights concerns over potential retaliatory tariffs from other countries, which could disrupt global supply chains and affect economic growth in the Philippines.

Specifically, SMEs involved in agriculture and food processing are expected to be most affected by these changes.

According to the US Office of the Trade Representative (USTR), trade between the US and the Philippines amounted to $23.5 billion in 2024 with a deficit of $4.9 billion.

The PCCI notes that countries with larger deficits, such as Vietnam and Thailand, are facing higher tariffs compared to the Philippines, which currently has among the lowest tariffs within ASEAN.

Malaysian Prime Minister Anwar Ibrahim has called for a united stance against US punitive tariffs from ASEAN member states, urging governments to negotiate better concession arrangements.

The PCCI awaits further details on how these tariffs will impact Philippine goods and calls for government action in response.