In a significant move to boost economic ties, U.S. President Donald Trump met with Philippine President Ferdinand Marcos Jr. at the White House on Tuesday. The two leaders discussed trade and bilateral relations, culminating in the announcement of a new trade deal between the United States and the Philippines.
"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," President Trump announced on Truth Social, his social media platform.
In a recent letter to President Marcos, Trump indicated that the United States would raise tariffs on Philippine goods to 20 percent starting August 1. The new agreement, however, adjusts these terms, setting the tariff at 19 percent and aiming for an open market approach.
The White House has yet to release more detailed information about the trade deal. Observers are keen to see how this agreement will affect various sectors, including agriculture, technology, and manufacturing.
President Marcos expressed optimism about the strengthened ties. "Our bilateral relationship has evolved into as important a relationship as is possible to have," he stated, highlighting the deepening partnership between the two nations.
The announcement marks a pivotal moment in U.S.-Philippine relations, signaling a commitment to collaboration and mutual growth. As further details emerge, businesses and investors are watching closely to understand the potential opportunities arising from this deal.
