Philippines joins countries looking to buy more US soybeans

The Philippines will offer to buy more farm products from the United States as it seeks to reduce the 17% tariff it imposes on its goods, Bloomberg reported, citing Trade Secretary Cristina Roque.

Roque said she is scheduled to meet with U.S. Commerce Department officials during her trip to Washington.

“We will try to import more, for example, soybeans, frozen meat, and other agricultural products in larger quantities,” Roque told reporters. Any planned increase in U.S. purchases would need to be balanced with the local agricultural supply and demand situation, she added.

The U.S. tax on Philippine goods is much lower than that of its Asian neighbors, including Vietnam and Thailand. Although the Philippines is less reliant on global trade than many other countries, officials there, like their regional counterparts, are seeking to negotiate with the Trump administration to reduce tariffs during the ongoing 90-day pause.

Earlier, Manila’s trade chief said the government was considering lowering tariffs on U.S. products in response to President Donald Trump’s massive tariffs. Indonesia, Japan and Pakistan have also announced increased U.S. soybean shipments for similar reasons.

Tags: soybean, USA, Philippines