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Manila Bulletin devider Business devider Trade & Industry devider Trump seen slashing reciprocal tariff on Philippine exports by up to 7% — ANZ

Trump seen slashing reciprocal tariff on Philippine exports by up to 7% — ANZ

Published May 9, 2025 03:42 pm
United States (US) President Donald Trump is likely to slash the reciprocal tariff it slapped on the Philippine exports by seven percent at most, ranging from 10 percent to 15 percent, according to the economic think tank ANZ Research.
According to a report published on Friday, May 9, ANZ Research has forecast Trump to agree on trimming the 17-percent tariff on goods coming in from the Philippines. The think tank sees this taking effect by the end of the second quarter.
If realized, tariffs on the Philippine exports would still be among the lowest in the Asian region.
Two other countries—India and South Korea—in Asia are also likely to receive the same range of rates as that of the Philippines. Compared to the Philippines, these countries might get a major rate drop from the current 25 percent to 26 percent.
Tariffs for Indonesia (32 percent), Thailand (36 percent), and Vietnam (46 percent) are seen to fall between 15 percent to 20 percent.
Tariffs slapped on China (145 percent) and Taiwan (32 percent) could be reduced into just a third of the current rates.
It can be recalled that Trump ordered a three month pause on reciprocal tariffs in early April to provide relief for the affected economies.
Governments across Asia have engaged in negotiations with the US to secure trade deals before the pause expires on 9 July.
The Philippine government has set up a technical working group to hold talks with the US on its reciprocal tariff policy.
The group includes Department of Trade and Industry (DTI) Secretary Ma. Christina Roque and Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Fredrick Go. They met with the US trade representative on May 2 in Washington.
Although further details of the meeting were not disclosed, ANZ noted that the discussion centered on semiconductors and other electronics—the Philippines’ top exports to the US.
“Other products that are part of the negotiations are coconuts, garments, furniture, food processing and automotive exports,” it added. Coconut is the country’s number one agricultural export to the US.
The government earlier expressed its willingness to boost imports of US goods—especially soybeans and frozen meat—in exchange for lower tariffs. It also offered to ease non-tariff trade barriers with the US.
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