A TRADE war launched by the United States against Canada, Mexico and China will have consequences for other countries worldwide including the Philippines, analysts said.
The Department of Trade and Industry said the country's exports could also be affected and that the government would be looking to engage with the US on mutually beneficial solutions, including possible preferential agreements.'The extent of the impact will depend on a number of factors, including the final tariff rate and the response of other countries,' Trade Secretary Cristina Roque said.
Tan also warned that the 'tariff hikes could cause global interest rate nominalization to slow,' potentially affecting the strength of the peso and hinder borrowings.'Should demand for Philippine merchandise exports slow, it will hit industrial production and potentially prompt firms to pare back investment plans,' she added.Still, Tan said that the Philippines, given its strong domestic economy, would still be one of the better performers in the region.
To Be Affected By Fallout From Trump's Trade War
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Hidden Scale of Legal Wildlife Trade in the United StatesNew research reveals the vast extent of legal wildlife trade in the US, highlighting the need for better data and management strategies to protect wild populations and prevent ecological harm.
Read more »
Trump sworn in a second time, says he was ‘saved by God’ to rescue America(2ND UPDATE) Donald Trump is sworn in as the 47th president of the United States
Read more »
Philippines Urges United Front Against Illicit Tobacco Trade SurgeThe illicit tobacco trade in the Philippines has surged by 200 percent in the past four years, prompting government, private sector, and industry stakeholders to call for a united front to combat its detrimental effects. Officials highlighted the need for comprehensive strategies, policy recommendations, and regional cooperation to curb the illicit trade and protect the livelihoods of local farmers.
Read more »
Trump cuts US off from World Health OrganizationWashington, United States—President Donald Trump on Monday signed an executive order directing the United States to withdraw from the World Health
Read more »
Marcos to Meet Trump to Discuss Trade, Security, Deportation ConcernsPresident Ferdinand Marcos Jr. announced his plan to meet with US President Donald Trump to address trade, security, and immigration policies, particularly the increasing deportation of Filipinos. Marcos hopes the meeting will help prevent mass deportations and clarify the impact of the US State Department's decision to suspend almost all US foreign aid for 90 days.
Read more »
Marcos Open to Meeting Trump, Citing Need for Trade, Defense, and Immigration TalksPresident Ferdinand Marcos Jr. expressed openness to meeting with former US President Donald Trump, emphasizing the importance of discussions on trade, defense, security, and immigration policies. Marcos acknowledged reports of US aid freezes but stated the situation's unclear nature, attributing it to the 'growing pains' of a new administration. He expressed confidence that policies will become clearer over time, allowing for a more productive conversation with Trump.
Read more »