Malacañang says 17% tariff from US on PH goods has ‘minimal impact’
US President Donald Trump imposes tariff on Philippine goods. AP Photo/Mark Schiefelbein)
MANILA, Philippines – The 17 percent tariff imposed by the United States (US) government on Philippine exports may only have “minimal impact” on the country, Palace Press Officer Claire Castro said on Thursday.
“The impact of this won’t be too big. It will be very minimal,” Castro said in a press briefing, citing the Department of Trade and Industry’s (DTI) statement.
READ: Trump sets 17% tariff on Philippine goods coming to America
Moreover, Castro insisted that this development is “good news” for the Philippines.
“The 17 percent tariff that will be imposed is good news because many countries are getting imposed with even higher ones. Among those countries, our tariff is at the second lowest just behind Singapore,” she added.
She also claimed that a lower tariff may make other countries interested in investing and manufacturing in the Philippines instead.
“We may also gain investors from countries that have greater tariffs. They can go here, and start manufacturing in the Philippines, because we were only imposed with a 17 percent tariff,” Castro continued.
Pushing into recession
Contrastingly, Fitch Ratings head of US Olu Sonola said Trump’s imposed tariffs may push other countries into a recession, as mentioned in a report by NBC News in the evening of April 2 (morning of April 3 Manila time)
“The U.S. tariff rate on all imports is now around 22% from 2.5% in 2024. That rate was last seen around 1910. This is a game changer, not only for the US economy but for the global economy. Many countries will likely end up in a recession,” Sonola declared.
US President Donald Trump announced reciprocal tariffs with several countries on April 3, citing trade deficit as a reason behind the imposed tariffs.
According to the Office of the US Trade Representative, in 2024, the Philippines exported goods valued at $14.2 billion to the US, and imported $9.3 billion; thus, a trade deficit with the Philippines of $4.9 billion.
