Table of Contents
US President Biden has initiated a new round of trade tariffs against China, including 25 percent on steel and aluminum, 50 percent on semiconductors, 100 percent on electric vehicles, and 50 percent on solar panels. This move reinforces the continuation of the trade war initiated by former President Trump, despite Biden's previous criticism of such measures. The tariffs are expected to redirect trade to other countries, with Mexico displacing China as the top source of US imported goods and services in 2023. Meanwhile, China's President Xi has been on a European tour, securing agreements with Serbia and Hungary, as well as signing cooperation deals with France. Additionally, Xi hosted Russia's President Putin in Beijing for a state visit. These developments, described as part of the "shifting world order," will have long-term effects on the global economy, including the Philippines. As international leaders continue to explore areas of cooperation, the question arises whether the Philippines is adequately prepared for the changes to come.
