Trump, Philippine leader make trade agreement
(MENAFN) U.S. President Donald Trump announced the completion of a new trade agreement with the Philippines after holding talks with Philippine President Ferdinand Marcos Jr. at the White House on Tuesday. Their discussions centered on trade relations and strengthening bilateral cooperation.
"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 percent Tariff," Trump stated on Truth Social, his personal social media outlet.
Prior to the meeting, Trump had informed Marcos via a letter that starting August 1, tariffs on Philippine exports to the U.S. would be increased to 20 percent.
So far, no additional information regarding the specifics of the deal has been made public by the White House.
During the meeting, Marcos emphasized the importance of the partnership, stating their relationship had "evolved into as important a relationship as is possible to have."
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