US EditionVietnam, Indonesia, the Philippines Have Secured Lower Tariffs with the US - Lessons for Other ASEAN States?
METRO MANILA, PHILIPPINES, JUL 24 – The US-Philippines deal includes a 19% tariff on Philippine exports and expanded defense cooperation, reflecting strategic priorities over economic gains, analysts say.
- On July 22 in Washington, DC, the US and Indonesia issued a joint statement to eliminate tariffs on over 99% of US goods and scrap non-tariff barriers, and President Trump announced a 19% tariff on Philippine exports.
- Against that backdrop, Marcos’s recent visit underscored US strategic motivation to strengthen alliances and counter China's influence, justified by the US desire to reduce its US$4.9 billion trade deficit.
- Alongside that, President Trump announced Indonesia will purchase US$15 billion in energy, US$4.5 billion in agricultural products and 50 Boeing jets.
- Domestic responses split as Philippines Senator Panfilo Lacson called the deal `definitely not the most fair deal`, while Fithra Hastiadi said the agreement is `a win-win for both countries`.
- Despite recent Southeast Asian deals, negotiations with China, as U.S. and China trade officials are meeting in Sweden next week poised to extend the deal beyond Aug 1, are ongoing, with Treasury Secretary Scott Bessen saying the current agreement will likely be extended.
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16 Articles
Zero tariffs on US soy, wheat imports won't harm local industries – group
MANILA, Philippines – The Philippine Chamber of Agriculture and Food (PCAFI) said the zero-tariff rate the Philippines conceded to the United States’ imported wheat and soy products will “not result in significant damage” to local industries, as these are not locally produced goods. “The silver lining of the recent developments is the fact that the Philippines has the second-lowest tariff rate among Southeast Asian countries, giving us a tariff …
Gov’t vows to protect local industries as it finalizes US trade deal - BusinessWorld Online
THE GOVERNMENT on Thursday said that the details of the US-Philippines deal concerning the US reciprocal tariff are still being finalized but noted that the government will protect the interest of Philippine domestic industries. “The details are not yet final. The Philippines and the US will still have to negotiate the details of the agreement, including products that are covered by market access commitments on both sides,” Trade Secretary Ma. C…
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einnews.comVietnam, Indonesia, the Philippines have secured lower tariffs with the US - lessons for other ASEAN states?
The trio are the first in Southeast Asia to strike trade deals with the United States, and analysts note some similarities in their gameplan.
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