ISTANBUL: Filipino President Ferdinand Marcos Jr declared the Philippines’ shift to an “open market” policy with the US, eliminating tariffs on American automobiles. The announcement followed his meeting with former US President Donald Trump in Washington, as reported by Anadolu Ajansi (AA).
Marcos highlighted the automobile sector as a key area for liberalization, stating, “We will open that market and no longer charge tariffs on that.” The revised trade terms include a 19 per cent tariff on Filipino exports to the US, a slight reduction from the initially proposed 20 per cent set for August 1.
The agreement also facilitates increased US imports of soy, wheat, and pharmaceutical products into the Philippines. Marcos acknowledged ongoing negotiations, noting, “There’s still a lot of detail that needs to be worked out on the different products and the different exports and imports, but basically that’s now our template.” – Bernama-Anadolu
