The benchmark Philippine Stock Exchange index (PSEi) down as an aftermath of US President Donald Trump’s announcement of fresh sweeping reciprocal tariffs across the globe, which includes the Philippines.

PSEi lost 61.54 points or 1% to close at 6,084.19. The broader All Shares also shed 20.97 points or 0.57% to 3,643.44.

“The local market declined further by 1.00% to 6,084.19 as investors continued to digest the US’ reciprocal tariffs and its negative effect on the global economy,” Philstocks Financial head of research Japhet Tantiangco said friday.

“Worries over the impact of the tariffs on global supply chain, international trade, and overall global economic performance caused investors to sell positions,” Tantiangco said.

A poster on Trump’s Truth Social page showed that the Philippines’ goods entering America will be slapped with a 17% tariff — still a “discounted” reciprocal tariff compared to the 34% rate that Manila charges against goods coming from the US.

However, an annex attached to Trump’s statement posted on the White House’s website shows that the reciprocal tariff rate for the Philippines would be at 18%.

The Philippines’ tariff rate would be higher than the 10% baseline tariff on all imports to the US.

“Locally, investors reacted to the U.S.’s tariff measures, including a 17% duty on Philippine exports. Sentiment weakened on concerns over global trade disruptions,” Regina Capital head of sales Luis Limlingan said.

All sector indices also closed in the red territory with mining and services sectors incurring most losses at 2.89% and 2.72%, respectively.

More than 1.72 billion shares valued at P11.7 billion, changed hands. Losers toppled gainers, 102 to 74, and 56 issues were unchanged.