US should offer Phl fairer trade deal, says Canadian mogul
Canadian-born businessman Kevin O Leary states that the US should consider having lower reciprocal tariffs with the Philippines.
Photo courtesy of CNBC
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Canadian-born businessman Kevin O Leary states that the US should consider having lower reciprocal tariffs with the Philippines.
Photo courtesy of CNBC
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Despite the “not-so-appreciated” 19 percent tariffs imposed by United States President Donald Trump on all US-bound Philippine exports, a Canadian business mogul has called for a reciprocal tariff deal that would benefit both nations.
The 19 percent export duties were announced by Trump during his meeting with President Ferdinand Marcos Jr. at the White House, where Trump described Marcos as a “very tough negotiator” in pushing for Philippine interests.
Under the trade deal, Marcos confirmed that the Philippines would remove tariffs on American automobile imports — a move that raised concerns among some local business leaders who declined to be named.
“Our tariff rates with Indonesia are now the same. But unlike them, they did not offer anything. And for us, we offered zero tariffs on US imports. It’s unfair,” one source said.
In a television interview on Wednesday morning (US time), Canadian entrepreneur and investor Kevin O’Leary said the United States should aim for a more balanced arrangement with a key ally like the Philippines.
“It’s more important than many other countries because it’s strategic militarily in what’s going on with China, and we need access to that land mass if we’re going to talk about protecting our interests in Taiwan in that region,” O’Leary said.
“It is also a good trade partner, as a lot of manufacturing has moved out of China there. We do some business there. It would be good to have a reciprocal tariff that’s low with the Philippines,” he added.
He emphasized that the Philippines has long been a friendly and stable economic partner to the US.
“So, you want those metrics in deals. And I think Trump made it very clear that it’s more than just trade. So many of these countries now are getting tied up into the China narrative in that region,” O’Leary continued.
“We’re not really in a trade dispute only with China. We’re in an economic war, an AI war, an IP theft war, access to capital markets war. And, you know, this is a chess piece in that, and I think that’s what you heard today,” he said.
Kevin O’Leary is a Canadian entrepreneur, financier, and television personality.
Meanwhile, the US Embassy announced that following US Secretary of State Marco Rubio’s meeting with Marcos Jr. in Washington, D.C. on July 21, the US Department of State would provide at least P3 billion ($60 million) in foreign assistance to support energy, maritime, and economic growth programs in the Philippines.
In a statement issued Wednesday, the US Embassy in Manila said the aid is the first foreign assistance pledge announced under the Trump administration’s ongoing review and realignment of its foreign aid policy.
“As part of this at least P3-billion initiative, Secretary Rubio also announced that the US Department of State intends to work with the US Congress to allocate P825 million ($15 million) to catalyze private sector development in the Luzon Economic Corridor,” the statement said.
If approved, the funding will support investments in transport, logistics, energy, and semiconductor industries — all seen as critical to job creation and long-term growth in the country.
