THE Philippines is pushing for zero tariffs on a select list of exports to the United States as part of a broader strategy to deepen trade relations and attract investments, a Cabinet official said.
Speaking to reporters last week, Finance Secretary Ralph Recto said the Philippine government was negotiating for zero tariffs “definitely, not for all products but we have identified a set of products.”US President Donald Trump earlier this month announced a 20-percent tariff — higher than the 17 percent initially announced in April — on Philippine-made goods.Government negotiators are working to reach a deal before the rate takes effect on Aug.
Darren Tay, BMI’s head of Asia country risk, said Friday that in addition to the Philippines facing some of the lowest average US tariff rates in Asia, the country could use defense policy commitments as a bargaining chip to secure better trade terms.“While few details have emerged from bilateral trade talks, we believe defense spending will emerge as a point of contention in the proceedings,” Tay said.
Eyeing Zero Tariffs On Key Exports To US
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