The Philippine government remains optimistic about a potential reduction in the tariffs threatened by the United States (US) against the country’s imports, although it will no longer offer additional concessions, according to Department of Trade and Industry (DTI) Secretary Cristina Roque.

Roque told reporters that both the US and the Philippines are still ironing out details of the reciprocal trade agreement reached this week by President Marcos and US President Donald Trump.

Trump announced on Tuesday (US time) that he will reduce the tariffs against Philippine goods from 20 percent to 19 percent following negotiations with Marcos.

Since Trump made this proclamation—in a social media post, no less—Roque said this could be the final rate once America’s new wave of tariffs against its trading partners takes effect on Aug. 1.

Nonetheless, she said the government is still keen on lowering the tariff rate.

To recall, the US initially threatened to impose 17 percent tariffs against the Philippines in April. The country’s imports are currently taxed at a 10 percent rate.

“That's what we're hoping for. But I'm not sure if there's a possibility because it was already announced by POTUS (President of the US),” she said.

The government aims to finalize its reciprocal trade agreement with the US within six days or before the August deadline, capitalizing on its enduring relationship with the world’s largest economy.

While details have not yet been made public, Marcos said the country will eliminate tariffs on certain American imports. This is in contrast to Trump’s claim that all US goods will get zero tariffs.

Based on what was stated so far, American-made vehicles, soy, wheat, and pharmaceutical products will enjoy zero tariffs.

Roque said the government ensured that nearly all agricultural imports from the US would still face tariffs to protect local farmers.

She explained that this commitment to safeguard the agriculture industry could be the reason why the US only reduced tariffs against the country by a mere one percentage point (ppt).

Japan, for instance, saw its tariff rate slashed from 25 percent to 15 percent on the same day Trump announced the Philippines’ revised tariffs.

For its trade deal, Japan agreed to invest $550 million in the US, while also opening its market to American cars, trucks, rice, and other agricultural commodities.

“We didn't give the agriculture products. We still opted to protect our farmers, and we also opted to protect the industry here,” said Roque. “They gave everything, while we did not give all.”

Aside from what is not yet disclosed, the secretary said the government has already offered everything it can to the US.

“On our side, yes. That's the best we can give,” she stressed.

Given the potential impact of incoming tariff-free American goods, the DTI has committed to overseeing measures to maintain the competitive edge of domestic manufacturers and producers.

For instance, she said that the agency is willing to assist local companies in expanding their reach, as well as facilitating linkages with foreign firms.

For those companies exporting to the US, the DTI has committed to facilitating their entry into new markets, whether locally or abroad.

Once negotiations for the reciprocal trade agreement are complete, the government will push through with negotiations for a bilateral free trade agreement with the US.

Last year, the US was the country’s most valuable export partner, with an export value of $12.14 billion, or 16.6 percent of the country’s total exports.