Tariff woes no cause for panic — ASEAN BAC head

The Business Advisory Council (BAC) chairperson of the Association of Southeast Asian Nations (ASEAN) is allaying fears that the imposed tariff of the Trump administration on ASEAN members should not cause any panic. Instead, the regional bloc should take advantage of it and further collaborate in exchanging goods with one another.

According to a Reuters report, United States President Donald Trump said his administration is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by 9 July, with the higher rates scheduled to take effect on 1 August.

But the Department of Trade and Industry has not confirmed if it has received a letter from the White House on whether or not the 17 percent tariff imposed on the Philippines will stay or has already been negotiated.

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