This Policy Note examines the Trump Tariff Plan (TTP), raising concerns about the inconsistencies among its stated objectives: raising revenue, reducing trade deficits, and encouraging reshoring. It also scrutinizes the methodology used to calculate reciprocal tariffs. The Note observes that, based on various metrics, the Philippines’ tariff deal with the US appears inferior compared to those secured by Indonesia and Viet Nam. This outcome reflects a broader trend in which the Philippines has not fully capitalized on its longstanding relationship with the US. The Note suggests that the Philippines consider strengthening regional cooperation through the Association of Southeast Asian Nations, exploring alternative economic frameworks, and balancing its external partnerships to support long-term development goals.