Gov’t ‘satisfied’ with progress of trade negotiations with US
THE PHILIPPINES is “satisfied” with the progress of trade talks with the US weeks ahead of Washington’s deadline to wrap up talks by mid-July, Undersecretary Clarissa A. Castro of the Presidential Communications Office said.
She could provide no details at a briefing on Thursday, because the talks are covered by a confidentiality agreement, other than to say that the two sides are in “constant communication.”
The US government on Wednesday asked its trading partners to submit their best offers, including tariff and quota commitments for US industrial and agricultural products, as well as proposals to address non-tariff barriers, Reuters reported.
The US will evaluate the responses within days and offer “a possible landing zone” that could include a reciprocal tariff rate, according to the letter.
Asked whether the Philippines had received any such official communication, Ms. Castro said the Department of Trade and Industry and the Office of the Special Assistant to the President for Investment and Economic Affairs declined to comment.
“There is a deadline (on the 90-day pause), but we cannot discuss the other deadline (on the best-offer proposals)due to the confidentiality agreements,” Ms. Castro said. “But talks are constant.”
Manila has expressed a commitment to securing a favorable agreement that will support its economic priorities and strengthen bilateral trade relations with Washington.
President Ferdinand R. Marcos, Jr., noted that the Association of Southeast Asian Nations does not support retaliatory measures.
He said “unexpected trade barriers” could disrupt communities, supply chains and the regional bloc’s hard-earned progress.
Last month, Philippine officials met with the US Trade Representative to negotiate the 17% reciprocal tariff assigned to the Philippines.
In early April, US President Donald J. Trump announced reciprocal tariffs on most trading partners. The reciprocal tariffs have since been paused for 90 days. A baseline 10% tariff remains in effect for most countries.
The US was the Philippines’ top export market last year, receiving $12.12 billion worth of Philippine goods. It was also the Philippines’ fifth-largest source of imports, accounting for $8.17 billion.
The Philippines’ top exports to the US are semiconductors, electronic integrated circuits, and insulated wire and other insulated electric conductors.
Top imports from the US are soybeans, electronic integrated circuits, and wheat and meslin. — Chloe Marie A. Hufana
