The Philippines is concerned about the United States' decision to impose 20% tariffs on Philippine exports but will continue to negotiate, its economic affairs minister said on Thursday.

US Secretary of State Marco Rubio said Thursday that Asian nations might get "better" tariff rates than the rest of the world, as he attended ASEAN talks focused on Washington's trade war.

Explore our tariff tracker to see the latest rates for Brazil and seven other nations impacted by Trump's new trade policies.

The Philippine economy is likely to be resilient to higher US levies but faces the risk of lower foreign investments amid the global uncertainty, according to S&P Global Ratings.

Semiconductors are the Philippines’ top export - a cornerstone of its services-driven economy. Former United States president Joe Biden's administration previously signaled plans to deepen preferential investment in the country’s semiconductor supply chains and workforce.

In his notice letter, Trump informed Marcos that come August 1, 2025, Washington will charge Manila 20% on any of its products sent into the US.

It shows that personal grudges rather than simple economics are a driving force in the U.S. leader’s use of tariffs.

The Foreign Buyers Association of the Philippines (FOBAP) has warned of severe economic repercussions for the country's garment industry after President