Marcos, Ishiba Tackle Impact of U.S. Tariffs on Global Trade and Philippine Economy

President Ferdinand Marcos Jr. and Japanese Prime Minister Shigeru Ishiba recently met to discuss the ongoing effects of U.S. President Donald Trump’s tariff measures on the global economy.

During a joint press briefing, Ishiba highlighted how retaliatory trade moves between the U.S. and China have disrupted multilateral trade systems. He noted that many Japanese businesses operating in the Philippines are feeling the pressure and pledged to “listen carefully to the voices” affected, aiming for better global solutions.

While the Philippines has experienced relatively mild effects from the trade tensions—facing a 17% tariff, the lowest among five regional peers—it is not immune to the ripple effects of global trade disputes.

Ishiba also reaffirmed Japan’s support for the Philippines’ bid to reach upper-middle income status. President Marcos, in turn, emphasized the value of the Philippines-Japan relationship, calling Japan a key economic ally and second-largest trade partner. He expressed optimism in enhancing ties under the existing Philippines-Japan Economic Partnership Agreement (PJEPA).