Trump, Philippine and Tariffs
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Trump, Philippines and tariff
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The Philippines is concerned about the United States' decision to impose 20% tariffs on Philippine exports but will continue to negotiate, its economic affairs minister said on Thursday.
President Trump posted letters to his Truth Social platform Wednesday outlining tariff levels for seven countries. Trump said he would levy 30% tariffs on Libya, Iraq, and Algeria, effective Aug. 1. Moldova and Brunei will get 25% tariffs,
Al Jazeera on MSN2d
Trump announces new tariffs including for Iraq, Brazil and the PhilippinesUnited States President Donald Trump has issued a new round of tariff letters to eight countries, including Brazil, Sri Lanka, Algeria, Brunei, Iraq, Libya, Moldova and the Philippines.
India could pose stiff competition to Sri Lanka and the Philippines for nearly a fifth of their exports to the United States as both countries are facing high import duties under new US trade arrangement,
The notices bring the total number of countries Trump has hiked tariffs on this week to 21. The higher rates are slated to take effect on August 1.
The Philippine economy is likely to be resilient to higher US levies but faces the risk of lower foreign investments amid the global uncertainty, according to S&P Global Ratings.
Trump says the tariff on Philippine exports to the US is necessary to address what he calls Washington’s ‘unsustainable’ trade deficit.
Philstar.com on MSN1d
Tariff woes dampen market anewInvestors shied away from the market for a second day in a row, daunted by Washington’s move to slap trading allies, including the Philippines, with higher tariffs.
The global tariffs announced by US President Donald Trump in April triggered “strong” investor interest in the Philippines, which was threatened with a lower levy than most neighbors, a top trade official said.
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