Trump announces Philippine trade deal framework with 19% tariffs after meeting with President Marcos Jr.
Briefly

Donald Trump announced a trade agreement with Philippine President Ferdinand Marcos Jr. that includes a slight reduction in U.S. tariffs for the Philippines. The U.S. will now impose a 19% tariff rate, down from the previously threatened 20%. The agreement includes a provision for open markets, with the Philippines considering zero tariffs on some U.S. goods. This move reflects the countries' efforts to strengthen economic and military ties amid rising concerns over China's assertiveness in the region. Marcos hailed the new tariff rate as a significant achievement.
Trump stated on Truth Social that the U.S. will impose a 19% tariff rate on the Philippines, down from a 20% tariff he threatened starting August 1. In return, he mentioned that the Philippines would have an open market and the U.S. would not pay tariffs.
Marcos described the lower 19% tariff as a 'significant achievement' in real terms and mentioned that the Philippines is considering options for an open market without tariffs for U.S. automobiles, although details are still under consideration.
Read at Fortune Asia
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