Marcos Economic Team to Address Impact of US Reciprocal Tariffs

Manila: Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque announced that President Ferdinand R. Marcos Jr.'s economic team is scheduled to convene on April 8 to deliberate on the government's strategy in response to the United States' imminent implementation of worldwide reciprocal tariffs set to take effect on April 9.

According to Philippines News Agency, the meeting is prompted by Malaysia's call for a unified response from ASEAN member states to counter the tariffs introduced under former President Donald Trump's administration. Roque confirmed the Philippines' intention to join the collective ASEAN response, emphasizing the importance of regional cooperation. "We are really going to do that," Roque stated, affirming the country's alignment with this year's ASEAN chair's call for solidarity. "Yes, of course, as we all work together as ASEAN."

Malaysian Prime Minister Anwar Ibrahim has been actively engaging with other ASEAN leaders, including President Marcos, Indonesian President Prabowo Subianto, Singaporean President Lawrence Wong, and Brunei Sultan Hassanal Bolkiah, to orchestrate a coordinated ASEAN-wide response to the US-imposed reciprocal tariffs. Meanwhile, Vietnam has sought to negotiate with the US, requesting a delay in the new tariff imposition while offering to eliminate tariffs on US exports to Vietnam.

The ASEAN member states are expected to be significantly affected by Trump's new tariff order, with Cambodia facing a 49 percent tariff, Laos 48 percent, Vietnam 46 percent, Myanmar 46 percent, Thailand 36 percent, Indonesia 32 percent, Malaysia 24 percent, and the Philippines 17 percent. In light of these developments, Roque has already initiated communication with her US counterpart to explore avenues for strengthening bilateral trade relations between the Philippines and the United States.