U.S. President Donald Trump's protectionist rhetoric has spurred a lot of hand-wringing about trade, but some emerging market exporters aren't too concerned.
The Philippines may fall into that camp.
Ramon Lopez, the archipelago's Secretary of Trade and Industry, told CNBC on Friday that there was a "cloud of uncertainty," with the subject coming up at the recent summit at the Association of Southeast Asian Nations (Asean).
But he added, "So far we have not seen any real policies that were issued that would really indicate a level of increased protectionism."
Lopez, speaking on the sidelines of the 2017 Asian Development Bank meeting in Japan, said he expected leaders to be swayed by economic logic.
"They know any move in that direction of protectionism can only backfire on their economies," he said.
Indeed, so far Trump's bark has been louder and more frequent than his bite on trade.
He has reneged on some of his protectionist campaign rhetoric, such as a vow to label China a currency manipulator on "day one," although he has continued to target other U.S. trade partners with mostly verbal salvos.
Last week was particularly eventful on that front.
Multiple media reports had circulated last week saying Trump was considering an executive order to remove the U.S. from NAFTA – with Trump himself later saying he was "psyched" for an exit -- but later the same day, Trump agreed in phone calls with the leaders of Mexico and Canada that he wouldn't terminate the treaty and would re-negotiate it instead.