Major business organizations, including the Philippine Chamber of Commerce and Industry (PCCI), expressed concerns over a looming global economic crisis they say is being fueled by US President Donald Trump’s unprecedented tariff hikes.
The local traders cautioned that the tariff wars initiated by Trump threaten domestic businesses and consumers with rising prices, with small and medium enterprises being the most vulnerable.
They urged the Marcos administration to take swift, strategic action to help contain the potential economic fallout from the United States’ imposition of a 17-percent tariff on Philippine goods.
Historically, such tariffs tend to target key sectors like food, agriculture, and electronics — areas where the Philippines has strong export interests, the groups said in a statement.
“Retaliatory measures can disrupt global supply chains, increase costs, and create uncertainty for businesses and consumers, bringing about a broad negative effect on economic growth,” they said.
They said the US tariffs virtually declared war on the global economy and would hit countries recovering from armed conflicts, disasters, and the pandemic.
The ripple effect of rising costs could hit small businesses the hardest, particularly those in sectors like agriculture and food processing, which are already operating on tight margins, the statement read.
It underscored the urgency to “focus on business and cooperation with our ASEAN neighbors and China amid the tariff impositions by the Trump administration,” they said.
