This paper examines the potential impact of US tariff pronouncements on the Philippines under a second Trump administration, revealing both sectoral challenges and opportunities. The partial equilibrium analysis using the World Bank’s World Integrated Trade Solution Software for Market Analysis and Restrictions on Trade (WITS-SMART) reveals significant trade erosion for more complex, high-value sectors, while smaller gains are concentrated in less complex products. Although exploring alternative markets and intensifying negotiations for preferential treatment under the US Generalized System of Preferences may mitigate the detrimental effects, at the core of these challenges lies the fundamental need to upgrade the country’s industrial and export base. Structural transformation through the timely and effective formulation and implementation of the Tatak Pinoy Strategy that incorporates the principles of industrial policy may foster more diverse, complex, and competitive industries. Enhancing trade facilitation—through measures like institutionalizing the National Single Window system and improving maritime trade competitiveness—will complement these efforts. By addressing these root issues, the Philippines can build resilience and remain competitive amid rising borders and increasing barriers in global trade.