Trump and Marcos Announce New Trade Deal with Philippines Set at 19% Tariff Rate - PRESS AI WORLD
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Trump and Marcos Announce New Trade Deal with Philippines Set at 19% Tariff Rate

Credited from: TRTGLOBAL

  • US President Trump announces a new 19% tariff rate on goods from the Philippines.
  • The agreement comes after a meeting with Philippine President Ferdinand Marcos Jr. at the White House.
  • US goods exported to the Philippines will face no tariffs under this agreement.
  • Critics in the Philippines describe the 19% tariff as an inadequate concession.
  • The deal is seen as part of broader geopolitical strategies amid rising tensions with China.

US President Donald Trump announced a new trade deal with the Philippines, setting a 19% tariff rate on goods imported from the Southeast Asian nation while US products will face no tariffs. This announcement followed a meeting with Philippine President Ferdinand Marcos Jr. at the White House, where Trump emphasized the importance of the US-Philippines relationship amid regional tensions with China, stating, "It was a beautiful visit, and we concluded our Trade Deal," according to trtglobal and channelnewsasia.

The new tariff is a minor reduction from the 20% threatened by Trump earlier this month, but still higher than the 17% rate set in April. Critics, including members of the Philippine Senate, have described the modest concession as an "insult," arguing that the zero tariffs on US exports undermine trade equity. Senator Panfilo Lacson noted, "It is definitely not the fairest deal," highlighting concerns over economic disadvantage, as reported by scmp and bangkokpost.

Aside from trade, the leaders discussed military cooperation, further solidifying the strategic partnership between Washington and Manila. As noted by Trump, the Philippines and the US will also work together militarily, although further specifics were not disclosed. This sentiment comes as both nations face challenges posed by China's growing influence in the region, underscoring the significance of the defense relationship, according to Reuters and The Hill.

Philippine officials expressed hope for ongoing negotiations to further reduce tariffs, aiming for a more favorable rate. Ambassador to the US, Jose Manuel Romualdez, suggested that negotiations could potentially lower the tariff to 15%, though details remain to be finalized. As local analysts suggest, the new tariff arrangement may still leave Philippine exports struggling against competition from US goods, as reported by channelnewsasia and scmp.

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