President Marcos Highlights Economic Risks Posed By United States’ Unilateral Tariff Regimes
President Marcos recently discussed the growing concerns about the economic risks posed by the United States’ unilateral tariff regimes during an interview in Kuala Lumpur, Malaysia. He revealed that Chinese Premier Li Qiang shares similar apprehensions, emphasizing that these tariffs are not beneficial and should not continue.
Marcos recounted a brief conversation with Premier Li during a lunch at the ASEAN Summit. “He was sitting next to me at lunch. I was sitting next to the Chinese Premier and the Foreign Minister of UAE,” the President said. He asked the Premier about China’s perspective on the new unilateral tariff schedule. “And he says, ‘Well, you know, Mr. Trump has his own – seems to have his own idea. But we certainly do not want this to continue. It’s not good for everyone. We don’t want this’,” Marcos shared.
China’s Concerns and Regional Economic Impact
The President expressed his eagerness to understand China’s stance beyond public statements. “I was very, very curious to get a little bit beyond the party lang. Because we’ve heard what China says on TV. But to be able to get the chance to talk to the Premier, I thought I was hoping to get in,” he added. He believes China sincerely wishes for normalization and an end to these disruptive tariffs.
Marcos also emphasized China’s vital role in regional economic stability. “We trade with China. We have many investments in China, and we have many Chinese investments in the Philippines,” he explained. He warned that if unilateral tariffs continue unchecked, they could threaten not only the Philippines but the broader ASEAN region’s economic stability.
ASEAN Faces Uncertainty Amid US Tariff Policies
Earlier this year, the United States implemented a 10 percent minimum tariff on all imports under its “Reciprocal Trade and Tariffs” policy, severely affecting Southeast Asian countries. Cambodia now faces up to 49 percent duties, Vietnam 46 percent, and the Philippines 17 percent. China, central to the dispute, endures tariffs totaling 125 percent.
With the 90-day tariff pause expiring in July, ASEAN leaders, including Marcos, are cautiously monitoring the situation. “Basically, we’re just guessing. We don’t know what will happen between now and July when the 90 days run out,” Marcos noted. He added that even if tariffs are reversed, the damage to global business confidence has already taken hold: “Kahit ano pang mangyari, kahit ibalik, bura lahat, rewind lahat back to what it was in January—tomorrow—we’re back to square one tungkol sa tariff. May permanent effect na hindi na mawawala.”
ASEAN Must Rely More On Each Other
President Marcos urged ASEAN nations to strengthen regional cooperation and economic integration as a way forward. He voiced strong confidence in the region’s vibrant economies and stressed the importance of becoming reliable partners within ASEAN. “If we cannot sell to these markets anymore, then let’s sell to each other’s markets. The best, most solid way forward is to be a reliable partner for each other in ASEAN,” he said.
He also welcomed a new trilateral framework involving ASEAN, the Gulf Cooperation Council (GCC), and China. Marcos sees this as a potential global economic powerhouse. “If you put these groups together… just start with the GCC and ASEAN… that is a very important economic bloc. If we come to a good arrangement, then that will be a rival to any kind of economic bloc anywhere in the world,” he explained.
Adapting to Global Trade Shifts
The President encouraged ASEAN leaders to carefully evaluate global trade changes to identify risks and opportunities. “I was telling all the others that what we have to do is to identify what those changes are going to be. Is it damaging? Or is it to our advantage? Or is it something that we can maximize?” Marcos said. He concluded by emphasizing the inevitability of change in the trade landscape: “Because whatever else happens, this will change, this is changing, this will change, this has changed.”
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