CBS: The U.S. and the Philippines have reached a trade deal, President Trump said Tuesday after his Oval Office meeting with Philippine President Ferdinand “Bongbong” Marcos, Jr.
Mr. Trump announced the outlines of a deal on Truth Social, saying the new tariff rate on products imported from the Philippines would be 19%. The president also said the Philippines would lift all tariffs on U.S. goods. The Philippines has not yet confirmed the the agreement or any details.
“It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs,” Mr. Trump wrote. “The Philippines will pay a 19% Tariff. In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!”
The 19% tariff rate is just shy of the 20% tariff rate the Trump administration was set to impose on the Philippines. And it’s also higher than the so-called reciprocal tariff of 17% on Philippine imports the administration announced in April.
In his Oval Office meeting with Marcos on Tuesday, Mr. Trump said the U.S. and the Philippines were “very close” to reaching a deal, calling Marcos a tough negotiator.
“We’re very close to finishing a trade deal, big trade deal, actually, Mr. Trump said Tuesday, seated alongside Marcos. “And we do a lot of business with you, so a lot of — a lot of income coming in for both groups.”
August 1 is the Trump administration’s current deadline for countries to reach trade agreements with the U.S. or face higher tariff rates on goods sent to the U.S.
