5 days ago
PH plans to negotiate with US to lower tariffs — Ambassador Romualdez
Philippine Ambassador to the US Jose Manuel Romualdez/File photo/Michaela Del Callar
The Philippines is planning to negotiate with Washington to lower tariffs after the United States moved to impose higher 20% duties on goods imported from Manila, its ambassador to the United States said Thursday.
"We are still planning to negotiate that down," Jose Manuel Romualdez said in a phone message.
US 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."
US 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.
US exports to the Philippines stood at $9.3 billion, a 0.4% increase from 2023, while imports from the Philippines totaled $14.2 billion, up 6.9% year-over-year.
The resulting US 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. — Reuters
