TRADE Secretary Ma. Cristina Roque said the Philippines would not retaliate against the recently imposed 17-percent tariff on certain Philippine goods entering the US market as part of Trump’s “liberation day”.
Speaking to reporters on the sidelines of the National Food Fair in Mandaluyong City on Wednesday, April 9, Roque said the Marcos administration prefers a constructive approach focused on strengthening trade ties with the US.
“No, we don’t have any of those (retaliation). We just move on a positive note, and we really have more trade between our country and the US,” she said.
The Asian Development Bank earlier warned that retaliatory measures by developing countries could reduce regional gross domestic product (GDP) growth by 0.1 percentage point in both 2025 and 2026.
The Philippines, as part of developing Asia, could be affected by any escalation of trade tensions.
The country’s top trade official is set to join a virtual meeting of ASEAN Economic Ministers on Thursday to discuss the bloc’s ways forward following Trump’s tariff order that took effect on April 9.
“We have a meeting on Thursday with the different ministers of ASEAN, and let’s see what we can agree on there, and see what we can do to be able to work hand in hand as ASEAN,” Roque added.
Following a Cabinet-level meeting on April 8, the country’s economic team agreed to first listen to the positions of other ASEAN member states before finalizing its stance.
Roque also floated the possibility of lowering tariffs on US imports as a gesture of goodwill, in the hope that Washington might reconsider its decision.
“This could be an opportunity for both countries to open discussions on a potential free trade agreement that would eliminate certain tariffs and enhance economic cooperation,” she added. (PNA)
