A study by the Congressional Policy and Budget Research Department (CPBRD) warns that the Philippines could lose at least $1.22 billion in export revenue to the United States due to anticipated broader application of tariffs under the second regime of US President Donald Trump. The study highlights that manufactured goods, particularly mechanical and electrical machinery, equipment, and parts, are most vulnerable to these tariffs.
THE Philippines could lose at least $1.22 billion in export revenues across the sectors of mechanical and electrical machinery, equipment and parts, coconuts, crustaceans to the United States, its largest export destination, due to the anticipated broader application of tariffs under the second regime of US President Donald Trump, according to a study by the Congressional Policy and Budget Research Department .
The “most significant” decline in Philippine exports, the study said, is projected for discs, tapes, solid-state non-volatile storage devices, smart cards, and other media for the recording of sound or of other phenomena, with a reduction of US$386.7 million. Under mechanical machineries, Philippine exports of automatic data processing machines and units thereof, are expected to drop by $187.6 million.
Lastly, Philippine outbound shipments of telephone sets, including smartphones and other telephones for cellular/wireless networks and other apparatus for the transmission of reception of voice, images, or other data, are expected to decrease by $130 million. “This again results from the significant US$7.4-billion net trade reduction for China. Among the selected countries, Canada stands to gain the most at $110.6 million,” the study noted.
TRADE TARIFFS PHILIPPINES US EXPORTS ECONOMY
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