PH, Japan discuss impact of US tariffs, stress need to protect free trade regime
Metro Manila, Philippines- The Philippines and Japan have expressed concern over the potential effects of the United States tariff measures on the global economy, as both countries stressed the importance of preserving a rules-based multilateral trading system amid rising protectionism.
Speaking during a joint press conference with President Ferdinand Marcos Jr. on Tuesday, Japanese Prime Minister Ishiba Shigeru said the two leaders discussed the economic impact of tariff policies imposed by US President Donald Trump as well as the retaliatory actions from China.
"On the status of the global economy, we discussed the tariff measures taken by the United States, as well as the impact felt on the multilateral free trade regime and the world economy because of the reciprocal retaliations seen with the United States and China," Prime Minister Ishiba said.
US trade levies on most imports from China have climbed to 145 percent. Beijing retaliated with duties of its own, at 125 percent on US goods.
Ishiba emphasized the need for dialogue and cooperation to restore trust in free and fair trade. He also noted Japan's long-standing investments in the Philippines and their role in supporting the local economy.
“Many Japanese companies have been playing a role in the local economy here in the Philippines,” he said. “I conveyed to President Marcos that I will listen carefully to the voices so that they will be able to bring forth better solutions.”
Marcos welcomed Japan’s continued economic engagement, saying the Philippines remains committed to strengthening trade ties with long-standing partners. He stressed the importance of working together to uphold economic openness and to shield developing economies from the ripple effects of major power rivalries.
The Japanese leader is in the Philippines for a two-day official visit to deepen security and economic cooperation, ahead of the 70th anniversary of Philippines-Japan diplomatic relations next year.
