Philippines plans to negotiate with US to lower tariffs, envoy to Washington says
"We are still planning to negotiate that down," Jose Manuel Romualdez said in a phone message.
U.S. President Donald Trump on Wednesday issued August 1 tariff notices to several trading partners including the Philippines, which he slapped with a 20% duty, higher than the previously announced 17%.
Asked what rate the Philippines is looking at, he said: "Will see."
U.S. goods trade with the Philippines reached an estimated $23.5 billion in 2024, according to data from the Office of the United States Trade Representative.
U.S. exports to the Philippines stood at $9.3 billion, a 0.4% increase from 2023, while imports from the Philippines totalled $14.2 billion, up 6.9% year-over-year.
The resulting U.S. goods trade deficit with the Philippines widened to $4.9 billion in 2024, marking a 21.8% increase from the previous year.
There was no immediate comment from the office of the Philippine president.
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