PHILIPPINE President Ferdinand R. Marcos, Jr. expressed concern over the impact of the US tariffs on the global economy, warning of possible “shrinkage in economic activity.”
Speaking at a press conference following the 46th ASEAN Summit in Kuala Lumpur on Tuesday evening, Mr. Marcos said the US tariffs imposed on Association of Southeast Asian Nations (ASEAN) members will have a significant impact on the region’s economies.
“If the tariff regime is unilaterally imposed, there will be a real collapse. It has a global effect, and it is not going to be a good one. There will be, I believe, a shrinkage in economic activity. I hope not. I hope I’m wrong,” he said.
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