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  • 2 days ago
The Philippine Chamber of Agriculture and Food says the zero tariff rate on the United States’ wheat and soy imports will ‘not result in significant damage’ to local industries, as these are not locally produced goods.

Full story: https://www.rappler.com/business/zero-tariffs-united-states-soy-wheat-imports-not-harmful-local-industries-group/

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00:00The Philippine Chamber of Agriculture and Food says the zero tariff rate on the United
00:05States' wheat and soy imports will not result in significant damage to local industries
00:09as these are not locally produced goods.
00:13PCAFI says the deal could even make animal feeds cheaper.
00:17But Raul Montemayor of the Federation of Free Farmers warns that local farmers might still
00:22be affected since imported soy and wheat could replace local products.
00:26Montemayor calls for full transparency on the trade talks, including any other promises
00:31the Philippines may have made.
00:33Meanwhile, Frederick Goh, Special Assistant to the President for Investment and Economic
00:38Affairs, said in a July 24 Malacanang briefing that rice, sugar, corn, chicken, and pork
00:43were not part of the deal.
00:45Despite calling it a positive development, PCAFI says it still hopes U.S. tariffs can be lowered
00:51more.
00:51President Ferdinand Marcos Jr. secured a 19% tariff rate on Philippine exports to the
00:58U.S. during his visit to Washington, one percentage point lower than the 20% rate set to begin
01:03on August 1.
01:05However, it's still slightly higher than the 17% rate announced by Trump in April.

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