Trump reduces Philippine tariffs to 19% after Marcos meeting
The new rate of 19% is one percentage point lower than the initially threatened 20%, though still higher than April's proposed 17%.
Trump praised Marcos as a 'very tough negotiator' and announced progress on a trade deal, stating, 'We're very close to finishing a trade deal—a big trade deal, actually.'
In a follow-up post on Truth Social, Trump claimed the Philippines would open its market to US goods with zero tariffs, though the 19% duty on Philippine exports remains.
The Philippines was among several economies warned of 20% tariffs on US-bound goods starting August 1.
Trump's latest adjustment follows earlier threats of sweeping global tariffs.
Marcos's press secretary, Claire Castro, clarified that the zero-tariff arrangement applies only to 'certain markets,' without specifying which.
She downplayed the economic impact, noting only 16% of Philippine exports go to the US, with electronics—exempt from tariffs—making up two-thirds of that share.
Despite trade tensions, defense ties between the US and Philippines remain strong.
Trump highlighted the Philippines as a 'most reliable ally,' while Marcos stressed military modernization efforts in response to South China Sea disputes.
Trump also hinted at a future China visit, saying he would 'probably' accept Xi Jinping's invitation.
He dismissed concerns over Marcos's relations with Beijing, stating, 'We're getting along with China very well.' - AFP
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