Palace: PH will not take sides on US-China trade war

HONG KONG – The Philippines will not be taking sides in the trade war between the United States (US) and China which shook stock markets across the globe.

“We do not take sides on the ongoing or possible trade war between China and the United States. The President, nonetheless, had positive words to say to that effect that it’s high time for China to protect the East and the cause of trade liberalism at this time and age,” Presidential Spokesman Harry Roque told a press briefing in Hong Kong.

Roque, however, was unable to clarify against whom China should be defending the East.

“There is no mention against whom but this was in relation to

the possible trade war between China and the US,” Roque said.

“He basically reiterated [that] we’re not siding. But of course, everyone was emphasizing the need to further strengthen globalization and the need to further speed up trade liberalization to benefit everyone, rather than a return to isolationist trade policies,” he added.

According to Roque, everyone in the meeting was talking about globalization, trade liberalization, and how Asia was benefiting greatly from globalization and liberalization.

“So basically, it was an endorsement of the Chinese position that the world trading system is governed by rules based on two systems and that there should no obstacles to further globalization and liberalization,” he said.

Department of Foreign Affair Secretary Alan Cayetano, however, said that it would be impossible that the Philippines will not be affected by the ongoing or possible trade war between the two world superpowers.

“If US is sneezing and China is coughing, then the Philippines will somehow be susceptible to the flu. Flu shots are available. The economic team is trying to bulletproof the economy but there’s no such thing as a bulletproof economy,” Cayetano admitted.

“We’re hoping that this will be shortlived and will not affect us too much,” he added.

Before arriving in Hong Kong, President Duterte was in China to participate in the BOAO Forum for Asia where leaders from various countries gathered to discuss pressing economic issues affecting the region.

In his keynote speech, Chinese President Xi Jinping pledged to lower tariffs on auto imports this year and take other steps to open the world’s number two economy “wider and wider,” addressing major complaints by the United States.

Xi’s conciliatory remarks gave a boost to stock markets across the world.

Trump hailed Xi’s “kind words,” although the White House made it clear that concrete follow-up steps would be needed. (Argyll Cyrus B. Geducos)