US tarriffs on Chinese goods to affect PH economy: official

MANILA – Economic risks confronting the Philippines increased further after US President Donald Trump announced another round of retaliatory tariffs on Chinese goods, which he attributed to Chinese officials failure to make good on their promises.

“Definitely this action will tend to increase the economic headwinds we are already facing,” Finance Secretary Carlos Dominguez III said.

The US government slapped additional 10 percent duties on another USD300 billion worth of Chinese goods effective September 1, 2019.

Trump said Chinese officials have agreed to buy US agricultural products in hefty quantities but have not done it.

The additional taxes was announced after the US earlier required 25 percent duties on USD250 billion worth of Chinese imports.

Trump’s decisions are targeted to secure a trade deal with the world’s second largest economy even as extended negotiations continue to remain fruitless.

He earlier claimed that China is stealing American intellectual property and military technology, among others, with the latter has denied.

The trade war has reportedly affected global trade, with ripple effects in the Philippines.

The Finance chief said impact of this new development “will be the subject of our next Economic Development Cluster Meeting.”

He, however, did not

/ US / 21)