Philippines Eyes US Trade Deal as Marcos Set to Meet Trump
Updated on
Save
The Philippines hopes to secure a trade agreement with the US when President Ferdinand Marcos Jr. discusses a planned US tariff during his meeting with President Donald Trump in Washington, according to a Manila official.
Marcos will also seek to bolster US-Philippine security ties during his July 20-22 visit, Foreign Affairs Assistant Secretary for American Affairs Raquel Solano said at a briefing on Friday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Analysis-US-Japan trade deal averts worst for global economy
By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) -Japan's trade agreement with the U.S. could serve as the benchmark for many other deals currently being negotiated with Washington, and the global economy could just about support the 15% level agreed overnight, economists said. Tokyo's deal with the U.S. lowers tariffs on auto imports to 15% from levies totalling 27.5% previously. Duties that were due to come into effect on other Japanese goods from August 1 will also be cut to 15% from 25%. The deal with the world's fourth-largest economy, which includes commitments for U.S.-bound investment and loans, is the most significant of a clutch of pacts U.S. President Donald Trump has concluded to date. It raises pressure on China and the European Union, which both face crucial August deadlines. Although 15% is still a significant duty, such a level is still manageable and less damaging than the volatility created by the uncertainty, which has made it near impossible for firms to plan investments, some economists argue. "Average tariffs for the U.S. were around 2.5% for 2024 (while) currently, average tariffs stand around 17%," Mohit Kumar at Jefferies said, referring to the rise in global duties since Trump's so-called "Liberation Day" announcement on April 2. "Our base case remains that when the dust settles, we could see average tariffs around 15%, though recent deals suggest that this number could be slightly higher," Kumar said. "While a negative from a macro point of view, the world can live with 15% or so tariffs." Financial markets heaved a sigh of relief on Wednesday. AUTOMAKERS LEAD STOCK GAINS Japan's Nikkei stock index jumped 3.5% on the deal but European shares were also higher, driven by automakers, on growing optimism that workable deals are possible. "It looks like the benchmark for major economies is going to be 10-15% and a somewhat higher level for smaller economies," Derek Halpenny, head of research at MUFG in London, said. Volvo Car stocks jumped more than 10% while Germany's Porsche, BMW, Mercedes-Benz and Volkswagen, all with significant U.S. sales, rose between 4% and 7%. "This more positive trade news has really helped to ease investor fears that tariffs are about to snap back higher on August 1," Deutsche Bank's Jim Reid said. "But of course, the threat of much higher tariffs still remains for several large economies, including the 30% on the EU, 35% on Canada and 50% on Brazil," Reid added. "We also know from experience that we might not know the outcome until hours before the deadline." Longer-term U.S. inflation expectations eased a touch on the deal, suggesting that trade agreements could alleviate some price fears and give the U.S. Federal Reserve room to lower interest rates later this year. However, markets continue to see a close to zero chance of a Fed rate cut next week and the first move is not fully priced in until October. The EU, which negotiates trade deals on behalf of its 27 members, could be next. Trump has said he will impose 30% tariffs by August 1, triggering threats of retaliatory measures from the EU. Such a level would be economically debilitating for a bloc that relies heavily on trade and would wipe out whole chunks of transatlantic commerce. The EU originally hoped it could secure a tariff of around 10% but has since accepted the outcome is likely to be several points higher at least. Pressures also remain high on China, which is facing an August 12 deadline before tariffs could snap back to 145% on the U.S. side and 125% on the Chinese side without a deal or a negotiated extension. "The US-Japan deal will put more pressure on other major Asia exporters to secure better deals," ING said. "We've already seen trade deals with the Philippines and Indonesia. Before 1 August, there should be more deals struck with Asian exporters."
Yahoo
9 minutes ago
- Yahoo
AstraZeneca announces $50bn US investment plans by 2030
AstraZeneca has announced $50bn investment plans in the US by 2030 for drug manufacturing, and research and development (R&D). The investment represents a substantial capital infusion to the $3.5bn announced in November 2024. The focus of this investment is a manufacturing facility dedicated to producing drug substances for AstraZeneca's weight management and metabolic product range. This portfolio includes oral glucagon-like peptide-1 (GLP-1), baxdrostat, oral proprotein convertase subtilisin/kexin type 9 (PCSK9) and combination small molecule treatments. The new facility will be designed to manufacture peptides, small molecules and oligonucleotides. To be constructed in the Commonwealth of Virginia, the plant will be AstraZeneca's single manufacturing venture globally. The new facility will incorporate advanced technologies such as AI, automation and data analytics to enhance production capabilities. This financial commitment will generate new direct and indirect jobs in the US. AstraZeneca CEO Pascal Soriot stated: 'Today's announcement underpins our belief in America's innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally. It will also support our ambition to reach $80bn in revenue by 2030.' The investment also covers other projects: the expansion of AstraZeneca's R&D facility in Gaithersburg, Maryland, and the establishment of an advanced R&D centre in Kendall Square, Cambridge, Massachusetts. The company will also develop next-generation manufacturing facilities for cell therapy in Rockville, Maryland and Tarzana, California, as well as expand its continuous manufacturing operations in Mount Vernon, Indiana. The investment encompasses the expansion of speciality manufacturing in Coppell, Texas, the establishment of new sites to support clinical trials, and an increase in funding for research and development of new medicines. In July 2025, Modella AI entered a multi-year partnership with AstraZeneca aimed at accelerating AI-driven clinical development in oncology. "AstraZeneca announces $50bn US investment plans by 2030" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
9 minutes ago
- Yahoo
Morning Bid: Japan deal electrifies markets
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets What had been a quiet week in markets was electrified by a U.S.-Japan trade deal overnight, catapulting Japan's Nikkei stock index up more than 3% to its best level in a year, prodding Japanese 10-year yields to their highest point in almost 17 years by nudging the yen up. The deal - which cuts planned U.S. tariffs on Japanese goods to 15% from 25% in return for $550 billion of Japanese investments and loans in America – drove a spike in auto stocks worldwide, with Toyota's share price jumping 14%. Separately, local media reports said Japan's embattled Prime Minister Shigeru Ishiba may now resign after all following poor weekend election results. He later denied that. * The agreement with Japan spurred hopes for other major deals before next week's tariff deadline, lifting European bourses too. Meanwhile, futures on record high Wall Street stock indexes rose further, and the dollar weakened broadly. * With the focus on what other deals might happen before the August 1 tariff deadline, U.S. President Donald Trump said representatives from the European Union are due for trade negotiations with the United States on Wednesday and Treasury Secretary Scott Bessent said U.S. and Chinese officials will meet in Stockholm next week. * Wall Street now switches back to earnings season, with two of its so-called "Magnificent Seven" megacap firms - Alphabet and Tesla - reporting after the bell on Wednesday. The performance of the former, in particular, will test the durability of the artificial intelligence theme that's still having profound effects on the whole economy. Today I'll take a look at just how the AI boom - and the data center and infrastructure boom around it - is still flattering U.S. GDP growth. Today's Market Minute * U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. * European shares climbed on Wednesday, buoyed by hopes of a trade agreement between the European Union and United States after Trump's deal with Japan sent Japanese stocks to a one-year high. * China has broken ground on what it says will be the world's largest hydropower project, a $170 billion feat capable of generating enough electricity each year to power Britain. * Wall Street's concentration in the red-hot tech sector is, by some measures, greater than it has ever been, eclipsing levels hit during the 1990s dotcom bubble. ROI markets columnist Jamie McGeever asks if this means history is bound to repeat itself. * The first half of 2025 featured a slew of U.S. electricity and power milestones, with generation, demand and retail prices all scaling records during January to June. Get the key data points from ROI columnist Gavin Maguire. Chart of the day In the trade deal announced late Tuesday, Japan's auto sector, which accounts for more than a quarter of its U.S. exports, will see existing tariffs cut to 15% from levies totaling 27.5% previously. Duties that were due to come into effect on other Japanese goods from August 1 will also be cut to 15% from 25%. Two-way trade between the two countries reached nearly $230 billion in 2024, with Japan running a trade surplus of nearly $70 billion. Japan is the fifth-largest U.S. trading partner in goods. Japan's side of the deal involves U.S. investments and includes loans and guarantees from Japanese government-affiliated institutions of up to $550 billion to enable Japanese firms "to build resilient supply chains in key sectors like pharmaceuticals and semiconductors," according to Prime Minister Ishiba. Japan is the largest foreign investor in the United States, with an investment position of $819 billion at the end of 2024. Japan will also increase purchases of agricultural products such as U.S. rice, a U.S. official said. Today's events to watch * U.S. June existing home sales (10:00 AM EDT); Canada June house price index (8:30 AMEDT ); euro zone July consumer confidence (10:00 AM EDT) * U.S. corporate earnings: Alphabet, Tesla, IBM, AT&T, General Dynamics, Boston Scientific, CSX, CME, Thermo Fisher Scientific, Hilton, Otis, Chipotle, Northern Trust, Moody's, Hasbro, Fiserv, Lamb Weston, Teledyne, O'Reilly Automotive, Globe Life, Crown Castle, NextEra, Las Vegas Sands, Packaging Corp of America, Rollins, Lennox, United Rentals, Molina Healthcare etc * U.S. Treasury sells $13 billion of 20-year bonds * German Chancellor Friedrich Merz hosts French President Emmanuel Macron for talks in Berlin * UK Prime Minister Keir Starmer and India's Prime Minister Narendra Modi meet in London Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (by Mike Dolan; editing by Aidan Lewis) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
