Washington: U.S. President Donald Trump announced that the Philippines will be subjected to 19 percent tariffs, a slight decrease from the previously stated rate. This development comes as the Southeast Asian country agrees to open its market to the United States.
According to Yonhap News Agency, this announcement followed a trade agreement reached between Trump and Philippine President Ferdinand Marcos Jr. during a meeting at the White House. In a social media post, Trump expressed that the Philippines would adopt an open market policy with the United States and would face zero tariffs except for the 19 percent tariff agreed upon.
Trump further highlighted the military cooperation aspect of the agreement, emphasizing the honor of meeting with President Marcos Jr., whom he described as a respected and adept negotiator in his country. Trump extended his regards to the people of the Philippines in his statement.
This trade deal emerges as part of a broader trend where several countries, including South Korea, are actively negotiating trade agreements with the United States. The urgency stems from the impending implementation of Trump's "reciprocal" tariffs, which will impose a 25 percent duty on South Korean goods starting August 1.