America votes

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VOTERS in the United States will cast their ballots today, Nov. 5, the Tuesday after the first Monday of November, as the US Constitution mandates.

This democratic political exercise will have wide-ranging repercussions in most countries in the world, including the Philippines, mainly because the US is still the biggest and most important global economy.

In the Philippines, Sen. Imee Marcos who chairs the Senate foreign relations committee, was one of the first to point out that winners in this election might effect “rapid and significant shifts” in US policies towards the Philippines, particularly in immigration, investments, and defense ahead of America’s presidential elections.

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“The Philippines should prepare for the impact of the US elections on the Philippines and the world,” Senator Marcos said in a statement.

‘While we do not have a say on who between Trump or Vice President Kamala Harris will win, it pays to monitor this US election and be in a state of readiness for Filipinos have a stake in this contest, too.’

Ambassador to the US Jose Manuel Romualdez on Sunday expressed confidence there will be no major change in US foreign policy whoever becomes the next US president, saying he was given the assurance by both the camps Vice President Kamala Harris and come-backing Republican candidate Donald Trump.

Senator Marcos stressed that stricter US immigration policies could lead to the deportation of thousands of undocumented Filipinos, while efforts to bring American companies back onshore may decrease direct investments and reduce BPO jobs in the country.

Imee’s concern is justified especially because come-backing Republican candidate Donald Trump is an avowed critic of President Joe Biden’s accommodation policy, never failing to hurl diatribes at Mexican and Haitian immigrants.  Senator Marcos has reason to be bothered by a possible Trump win, as 4.5 million Filipino-Americans are living in the US.

Raids on groups of Filipino illegal migrants have resulted in mass deportation during the last Trump administration, and now that his anti-immigration stance has become stronger somewhat, prodded by Biden’s easing, these rounding up and shooing away of illegals are expected to return with a vengeance.

If this happens, dollar remittances of overseas Filipino workers (OFWs) based in the US would be reduced, creating considerable pressure on the local economy.  The cash remittances from OFWs in the US have been increasing gradually yearly.

Another concern about Trump, this time aired by international businessmen and economists, is his threat to increase tariffs on all US imports, with China being the first to be punished.  Trump has said that he will impose a 10 percent tariff on all imports and 60 percent duties on imports from China.

There is also the risk of Trump’s upending the global finance system via massive tariff increments, printing of more debt-creating dollars, and putting a hurdle in the global fight against climate change by reverting to the use of fossil fuel by the energy sector.

The problem with increasing tariffs is that China and the relevant countries, feeling aggrieved, will most likely retaliate with their own tariff adjustments, triggering another round of inflation and supply chain impairment all over the world.

Thus, both importer and exporter would suffer, and world trade itself would be hit by a slowdown.

While we do not have a say on who between Trump or Vice President Kamala Harris will win, it pays to monitor this US election and be in a state of readiness for Filipinos have a stake in this contest, too.

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