The Philippine Chamber of Commerce and Industry (PCCI) on Tuesday expressed concern over the potential retaliatory actions from other countries in response to the US reciprocal tariffs.
PCCI president Enunina Mangio said in a statement the reactions could disrupt global supply chains, increase costs and create uncertainty for businesses and consumers,
“The US has yet to announce the exact coverage, but we remain vigilant as such tariffs typically target specific categories of goods such as food and agri products and electronics, which are our major exports,” she said.
The group said retaliatory actions could disrupt global supply chains, increase costs and create uncertainty for businesses and consumers, potentially hindering economic growth.
“This would have a particularly strong impact on an economy like ours, which relies heavily on remittances and consumer spending. Small businesses, particularly those in agriculture and food processing, would feel the brunt of these additional costs,” Mangio said.
PCCI said neighboring countries are already preparing to negotiate with the US for lower tariffs and better concession deals.
Despite this concern, PCCI said the 17-percent reciprocal tariffs on Philippine goods entering the US market remain among in ASEAN, which may help preserve the Philippines’ competitiveness.
