The Philippines and nine other ASEAN member states have agreed not to impose retaliatory measures against the United States in response to newly implemented tariffs.
During a meeting of ASEAN economic ministers held in Kuala Lumpur on Thursday, officials emphasized that dialogue, rather than retaliation, would be a more constructive path forward.
They cited the U.S. as ASEAN’s largest source of foreign direct investments and second-largest trading partner in 2024.
Frederick Go, Special Assistant to the President for Investment and Economic Affairs, confirmed that the Marcos administration has initiated talks with the Office of the United States Trade Representative (USTR) to arrange a formal discussion soon.
Meanwhile, Trade Secretary Ma. Cristina Roque noted that the bloc is conducting an impact assessment and formulating mitigation strategies to protect regional interests and maintain investor confidence.
Aside from the tariff issue, ASEAN ministers also discussed strengthening intra-ASEAN trade to counter external economic pressures.
It was revealed that several ASEAN countries have been significantly affected by the new U.S. tariffs, including Vietnam (46%), Cambodia (49%), Laos (48%), and the Philippines (17%).