Trump Announces New Tariff Deal with the Philippines
U.S. President Donald Trump announced a new 19% tariff on Philippine goods following a 'beautiful visit' by Philippine President Ferdinand Marcos Jr. The new rate, slightly lower than the previously threatened 20%, mirrors similar rates for Indonesia. The deal signifies strengthening economic and military ties between the two nations.
In a significant trade development, U.S. President Donald Trump declared a 19% tariff rate on goods from the Philippines, following a meeting with Philippine President Ferdinand Marcos Jr. at the White House. This aligns with newly announced rates for other Southeast Asian countries, including Indonesia and Vietnam.
Trump highlighted the visiting Philippine leader as a 'very good and tough negotiator,' noting the Philippines' openness to the U.S. market and zero tariffs on U.S. goods. The meeting, described as a 'beautiful visit,' marks enhanced economic cooperation, with Trump also hinting at further military collaboration.
Despite the new tariff agreement, Philippine economic prospects remain integral to the partnership, with officials stressing the need for economic strength to bolster strategic Indo-Pacific relations. Meanwhile, demonstrations by Filipino Americans emphasized ongoing concerns over immigration and labor rights.
(With inputs from agencies.)
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