PCCI cautious re ASEAN’s pushback to Trump’s tariffs
The PCCI warned that small businesses, particularly those in agriculture and food processing, would be hardest hit by the ripple effects of higher costs
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The PCCI warned that small businesses, particularly those in agriculture and food processing, would be hardest hit by the ripple effects of higher costs
The Philippine Chamber of Commerce and Industry (PCCI) advised caution over the retaliatory moves being considered by ASEAN members to the reciprocal tariffs imposed by US President Donald Trump last week.
“We are wary of the potential impact of the actions other countries may take in response to the US reciprocal tariffs,” the PCCI said on Tuesday.
“Retaliatory measures can disrupt global supply chains, increase costs, and create uncertainty for businesses and consumers, bringing about a broad negative effect on economic growth — especially for a remittance and consumer-driven economy like ours,” the group, led by its president Enunina Mangio, said.
On Monday, Trade Secretary Cristina Roque said the government’s economic team would meet this week to discuss Malaysia’s call for a unified ASEAN response to Trump’s tariffs. She affirmed that the Philippines, as a member of the ASEAN bloc, supports the move of its peers.
Malaysian Prime Minister Anwar Ibrahim earlier said he had phone discussions with ASEAN leaders, including President Ferdinand Marcos Jr., Indonesian President Prabowo Subianto, Singaporean President Lawrence Wong, and Brunei’s Sultan Hassanal Bolkiah, to coordinate a regional response to the US tariffs.
The PCCI warned that small businesses, particularly those in agriculture and food processing, would be hardest hit by the ripple effects of higher costs.
“We note too that our neighbors are already preparing to negotiate with the US to offer lower tariffs and better concession arrangements. We await our government’s action and will watch how our neighbors respond accordingly,” the PCCI said.
For now, the group pointed out that the 17-percent reciprocal tariff on Philippine goods entering the US market is among the lowest compared to that imposed on other ASEAN countries.
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