Philippine senators condemn the US-Philippines trade agreement as the greatest insult to the Philippines!
Upon learning of President Marcos Jr.'s trade agreement with the United States, the Philippine Senate was in an uproar. Senator Panfilo Lacson criticized the United States for imposing a 19% import tax on Philippine goods as unfair.
"Responding to our zero tariff with a 19% tariff is certainly not the fairest deal between long-time friends or allies like the United States and the Philippines!"
"Please allow me to add that this is the greatest insult from the host to the guest, and it's time for us to seek other trade partners!"
Senator Joseph Victor Ejercito agreed with Lacson's assessment: "This is very unfavorable for the Philippines."
On the same issue, Senator Imee Marcos, the sister of President Marcos Jr., stated: "I have not seen the final agreement yet, but while the US imposes a zero tariff on its goods, it only reduces the tariff on Philippine goods by 1%, which definitely does not look like a victory for the Philippines!"
The 1% reduction refers to the fact that the 19% import tax on goods under the trade agreement is slightly lower than the 20% tariff that the US government had threatened to impose on Philippine goods.
Moreover, the 19% is higher than the 17% reciprocal tariff announced by the US government in April for imports from the Philippines. Currently, the Philippines is the only country that has reached an agreement with the United States, yet its tariff rate is significantly higher than the reciprocal tariff announced in April.
Original article: https://www.toutiao.com/article/1838419723808768/
Statement: This article represents the personal views of the author.