A new bilateral trade agreement between the US and Philippines has reduced tariffs on agricultural products under specific HS Codes, facilitating increased exports of US grains and processed foods to the Philippines.
May 15, 2023
Impact: This agreement is expected to increase US agricultural exports to the Philippines by 15% annually, strengthening trade ties and benefiting US farmers.
Philippines Imposes Temporary Import Restrictions on US Electronics
The Philippine government has introduced temporary import restrictions on certain electronic goods from the US under specific HS Codes due to domestic industry protection concerns.
June 10, 2023
Impact: This restriction may reduce US electronics exports to the Philippines by 10% in the short term, prompting negotiations for resolution.
US Increases Tariffs on Philippine Textile Imports
The US has raised tariffs on specific textile imports from the Philippines under targeted HS Codes, citing unfair trade practices and labor concerns.
April 20, 2023
Impact: This tariff hike could decrease Philippine textile exports to the US by 8%, potentially straining bilateral trade relations.
Policy Updates
US-Philippines Trade Facilitation Agreement
A new policy under the US-Philippines Trade Facilitation Agreement reduces customs delays and lowers tariffs on select HS Code categories, aiming to streamline trade processes.
Date: May 1, 2023
Philippine Import Quota Adjustment
The Philippines adjusted import quotas for specific US goods under certain HS Codes to protect local industries, impacting the volume of trade allowed.
