The Philippines is concerned about the United States' decision to impose 20% tariffs on Philippine exports but will continue to negotiate, its economic affairs minister said on Thursday.

The new tariff rates threatened in the letters Trump shared Wednesday are similar to those he announced on what the White House dubbed “Liberation Day” in early April.

The notices bring the total number of countries Trump has hiked tariffs on this week to 21. The higher rates are slated to take effect on August 1.

The Philippine economy is likely to be resilient to higher US levies but faces the risk of lower foreign investments amid the global uncertainty, according to S&P Global Ratings.

President Donald Trump extended his "Liberation Day" tariff pause and sent letters to trading partners announcing new tariff rates for Aug. 1.

India could pose stiff competition to Sri Lanka and the Philippines for nearly a fifth of their exports to the United States as both countries are facing high import duties under new US trade arrangement,

The global tariffs announced by US President Donald Trump in April triggered “strong” investor interest in the Philippines, which was threatened with a lower levy than most neighbors, a top trade official said.

The Philippine government was taken aback by US President Donald Trump’s decision to slap a higher 20% tariff rate on the country’s goods exported to America despite earlier efforts to haggle for lower duties for products imported from Manila.

President Trump posted letters to his Truth Social platform Wednesday outlining tariff levels for seven countries. Trump said he would levy 30% tariffs on Libya, Iraq, and Algeria, effective Aug. 1. Moldova and Brunei will get 25% tariffs,

Philippines may be “less affected” by US President Donald Trump’s decision to slap a 20 percent tariff on all Philippine exports, although uncertainty surrounding the policy is likely to weigh on investor sentiment and delay growth-related decisions.