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ASEAN leaders agree tariff deals with US should not harm members

  • ASEAN leaders, including Philippine President Marcos, agreed on May 26, 2025, in Kuala Lumpur to avoid retaliatory tariffs against the US during the 46th ASEAN Summit.
  • This stance followed growing concern over US tariff impositions ranging from 32% to 49%, including a 17% tariff on Philippine exports, which were temporarily paused until July 31.
  • Mr. Marcos and specialists highlighted that rising international conflicts, unforeseen obstacles to trade, and the escalating threat of climate change pose risks to regional supply networks and economic development, calling for enhanced collaboration and more varied alliances.
  • In 2023, ASEAN's total GDP reached approximately $3.8 trillion, making it the third-largest trading bloc worldwide, with the United States serving as its top source of foreign direct investment and second-largest trade partner.
  • The unified non-retaliatory approach aims to maintain economic stability and dialogue, avoid escalation of trade conflicts, and support climate resilience financing amid increasing uncertainty.
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GMA Filipino News broke the news in Quezon City, Philippines (the) on Monday, May 26, 2025.
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