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Overseas news
In the US, President Donald Trump’s recently imposed tariffs on many countries will likely remain unchanged despite ongoing trade talks. This was according to US Trade Representative Jamieson Greer.
Last week, President Trump issued an executive order revising tariffs for different countries. The new rates are set to take effect on Aug. 7. President Trump also warned of increased tariffs against India over its resale of Russian oil.
Changes in tariffs can make goods and services more expensive. Such decisions may influence global trade and affect the profitability of businesses and industries.
Local developments
The Department of Agriculture has proposed pausing rice imports and raising related tariffs. This is to help Filipino farmers cope with falling local prices caused by a surge of cheaper foreign rice.
Relatedly, agricultural production likely improved in the 2nd quarter, driven by crops like rice and corn, following last year’s El Niño slump and before July’s tropical storms hit.
The availability of such staples is an essential part of a nation’s food security. A significant change in the prices of these items can also impact inflation.
The latest news is mixed, and so you may want to wait for more concrete updates before making big investing decisions.
