Being the Odd One Out Is Working for the Philippines
It escaped with one of Trump’s lightest tariffs in Southeast Asia, but can’t rely on the vulnerability of neighbors.
It escaped harsh tariffs, but the Philippines still faces challenges.
Photographer: Geric Cruz/BloombergGive the Philippines its due. The country could emerge as one of the winners from the trade war. Ironically, this reflects shortcomings from an earlier chapter in Asian commercial history.
Victory in the tariff era is relative. Few countries, if any, will come out ahead. Confidence was badly shaken by the vast scale of duties imposed by the White House in April, even if many were suspended for several months after a market swoon. The Philippines has a decent shot at being harmed least. The levy thrust on Manila by President Donald Trump was 18%; within Southeast Asia, only Singapore fared better.