White House, Philippines make trade deal

The Philippines has agreed to a trade deal with the United States that will lower U.S. tariffs on its exports to 19 percent, President Trump announced Tuesday following a meeting with the Philippine president, Ferdinand Marcos Jr.

U.S. exports to the Philippines will not face tariffs, Trump said.

“President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives. 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. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily,” Trump said on Truth Social.

He added, “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 deal only reduces the U.S. tariffs on Philippine imports from 20 to 19 percent. Trump had announced a 17 percent duty on imports from the Philippines in the spring on his "Liberation Day" before warning that figure would rise to 20 percent last month.

It was not immediately clear if there was more to the deal from the Philippine perspective.

When he greeted Marcos at the White House on Tuesday morning, Trump said he was hopeful the two leaders could strike a trade deal.

The president has sent out letters to about two dozen trading partners to set tariff rates, including 25 percent on Japan and Malaysia, 40 percent on Myanmar and 36 percent on Thailand. Canada, the European Union and Mexico — some of the U.S.’s top trading partners — were hit with updated tax rates as well.

Treasury Department Secretary Scott Bessent earlier on Tuesday said the Aug. 1 date set for tariffs to hit countries that fail to negotiate deals with the U.S. is a “hard deadline.”