ASEAN, Philippines Reject Retaliation Over US Tariffs

Donald Trump's recent announcement regarding tariffs has caused confusion about its implications for Mexico, as initial reports suggested a new 10% reciprocal tariff could apply to Mexican goods, raising some tariffs to 35%. However, it was later confirmed that Mexico remains unaffected since no reciprocal tariffs have been imposed on its imports, and the exact impact on existing tariffs, such as those on steel and aluminum, remains unclear. Meanwhile, ASEAN economic ministers stated they would not retaliate against U.S. tariffs, emphasizing the importance of dialogue to maintain a balanced trade relationship. In the Philippines, Finance Secretary Ralph Recto indicated a willingness to negotiate tariff reductions with the U.S. but ruled out retaliation against Trump's tariffs. Recto highlighted that the Philippines is focused on enhancing trade cooperation and attracting foreign investments while managing its existing tariff structure. Analysts suggest that Manila may have leverage in negotiations due to lower tariffs recently imposed by the U.S. on Filipino goods compared to those charged by the Philippines on U.S. imports.