Saksi is GMA Network's late-night newscast hosted by Arnold Clavio and Pia Arcangel. It airs Mondays to Fridays at 10:20 PM (PHL Time) on GMA-7. For more videos from Saksi, visit http://www.gmanews.tv/saksi.
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NewsTranscript
00:00Even if the increase in tariffs is not a direct solution,
00:03it is possible that the tariff war between the United States and other countries
00:07will still have an effect in the Philippines.
00:09Yet China, which is one of the sources of the increase in tariffs,
00:13is ready to fight.
00:15Witnesses, Mackie Polido.
00:21We have been ripped off for decades by nearly every country on earth
00:25and we will not let that happen any longer.
00:2925% increase in tariffs for products from Canada and Mexico
00:34and 20% increase in tariffs for products from China.
00:38US President Donald Trump continued his increase in tariffs
00:42on the three largest trading partners of America
00:45because fentanyl cannot be stopped from entering their country.
00:49And according to Trump, the increase in tariffs does not end there.
00:53April 2nd, reciprocal tariffs kick in.
00:57And whatever they tariff us, other countries, we will tariff them.
01:03That's reciprocal, back and forth.
01:05Whatever they tax us, we will tax them.
01:09China's response, if America wants war,
01:12tariff war, trade war, or any kind of war,
01:16China is ready to fight.
01:18It also announced an increase in tariffs on US imports.
01:22Canada's return will still increase in tariffs.
01:24Canada will be implementing 25% tariffs
01:28against $155 billion worth of American goods.
01:33Starting with tariffs on $30 billion worth of goods immediately
01:38and tariffs on the remaining $125 billion of American products
01:43in 21 days' time.
01:45According to Canadian Prime Minister Justin Trudeau,
01:48this is a very dumb thing to do.
01:51What he wants is to see a total collapse of the Canadian economy.
01:57Because that will make it easier to annex us.
02:00In this trade war, the price of goods is expected to rise,
02:04not just in their countries, but in many other countries around the world.
02:09Especially the Philippines,
02:11which imports a lot of goods to America and Canada.
02:15America has more imports from China and other countries.
02:23So, if they impose tariffs on what they import from China,
02:29and then convert it into a finished product,
02:33and then export it to other countries,
02:36the price will be higher and therefore,
02:38it will have an inflationary impact on us.
02:41The Philippines also exports materials such as electronics and agricultural products
02:46that are used in the manufacturing of other countries such as China.
02:49If their finished products are expensive in America because of tariffs,
02:53the demand for these will decrease
02:55and the raw material they buy from the Philippines will also decrease.
02:58Our businessmen and workers will be affected.
03:01Embedded in the current nature of our production system,
03:04what we call global value chains,
03:06because our production will be connected.
03:10The trade war may also affect the peso.
03:13If the goods are expensive in America,
03:15the interest rates there may rise to counter inflation.
03:19If that happens, the peso will increase against the dollar.
03:23The dollar is also the cost of importing many products that we use in the country.
03:28If the value of the dollar is high against the peso,
03:31the goods we import will also increase in value when it arrives here in the Philippines.
03:38And we import a lot.
03:40But for the Philippine Exporters Confederation,
03:43we can export to America the goods they import to Canada, Mexico, and China.
03:48If we don't move, we won't be able to enter if our prices are lower.
03:53That is if the tariffs in America do not also allow the goods they import to the Philippines.
03:58It is being repeated that America is already imposing a large tariff on their products.
04:04Its average is 3.3% compared to the 1.4% tariff of America on Philippine products.
04:11For GMA Integrated News, I am Mackie Pulido, your witness.
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