Reciprocal tariff talks seen concluding next year

THE Department of Trade and Industry (DTI) said  negotiations on US reciprocal tariffs are likely to be completed next year.

Trade Undersecretary Allan B. Gepty said it will be hard to conclude the negotiations in 2025 as the US is negotiating with at least 69 countries.

“On our part we want to fast track the negotiation, but when we had the last round of negotiations with the US about three weeks ago, they told us that they are facing a lot of negotiations with other countries, so we are looking at next year,” he said.

“As to when next year, I couldn’t give a definite period, pero ’yon ang naging usapan po namin (that has been the result of our talks),” he added.

The US currently charges a 19% tariff on Philippine goods, which he said covers agricultural products, which the Philippines is seeking to exempt from tariffs.

“’Yon po ang wino-work out at nine-negotiate natin (That’s what we are working on and still negotiating). That is why we submitted a list,” he said, noting that the list includes auto parts and garments.

The Philippines is also negotiating with the US to exempt semiconductors, especially after US President Donald J. Trump threatened to impose tariffs on all chips entering the US market.

“Another strategy is expanding our market access to other countries. That is why we have a series of free trade agreement negotiations right now,” he said. — Justine Irish D. Tabile