Trump announces trade agreement with the Philippines and terms of deal with Indonesia
Both agreements call for 19% tariffs on goods the US imports from the two countries, paid by American businesses, while American goods shipped there won't be charged a tariff.
Trump's announcement of the agreement with the Philippines came after he met with President Ferdinand Marcos Jr. at the White House on Tuesday.
'It was a beautiful visit, and we concluded our Trade Deal,' Trump wrote on his social media platform. However, it was not immediately apparent if the two leaders formally signed anything. Similar to other recent trade announcements, few details were initially revealed.
The agreement with the Philippines marks the fifth struck over the past three months. No new details have come to light on the agreement Trump announced with Vietnam earlier this month. Administration officials have not revealed why that's the case.
Trump and administration officials promised dozens more trade deals in April after they paused 'reciprocal' tariffs. More recently, they've changed their tone, stressing that Trump is focusing on the quality of deals rather than quantity.
Trump has put much of the global economy on notice, threatening a slew of higher tariffs, including rates going as high as 50% on trading partners and a 50% copper import tax across the board — set to take effect next week. He's said he'll stand firm on the August 1 deadline for countries to make deals or risk facing higher tariffs, yet investors have largely shrugged off that possibility.
Philippines on Trump's 'good list'
Earlier Tuesday in the Oval Office, Trump told reporters he was not ready to make a trade deal with Marcos because 'he's negotiating too tough.' But he said they'd 'probably agree to something.'
The agreement is somewhat unusual given that other countries Trump claims to have reached agreements with call for lower tariff rates compared to levels the president threatened to impose in April. Meanwhile, goods from the Philippines were charged a minimum 17% 'reciprocal' tariff in April before Trump paused those. Earlier this month, he threatened a 20% tariff on goods from the Philippines as of August 1.
The US imported $14 billion worth of goods from the Philippines last year, according to data from the US Commerce Department. Top goods shipped from there include computers and other electronics, processed foods, machinery and apparel. Meanwhile, the US exported $9 billion worth of Filipino goods. Computers and other electronics, as well as processed foods, were also among the top goods the US shipped there.
Indonesia agreement terms spelled out
Trump announced a similar agreement with Indonesia last week, calling for the same tariff rates. On Tuesday, more details were revealed in a joint statement published by the United States and Indonesia.
'It is my Great Honor to announce our Trade Agreement with the Republic of Indonesia, as represented by their Highly Respected President, Prabowo Subianto,' Trump wrote on Truth Social.
Trump and administration officials highlighted non-tariff trade barriers that Indonesia agreed to modify. Those include eliminating taxes on digital service revenue, like advertising on streaming and social media sites; and 'pre-shipment inspection or verification requirements' on American goods, administration officials said on a call on Tuesday.
On the latter, officials told reporters these systems were especially burdensome for farmers to export their goods and that eliminating them will help open up the market to them.
Additionally, Indonesia agreed to accept US Federal Motor Vehicle Safety Standards and remove export restrictions on critical minerals.
Goods from Indonesia briefly faced a 32% tariff in April before Trump paused 'reciprocal' tariffs. Countries that were due to face those tariffs have been charged a minimum 10% tariff for the past three months. That's due to end August 1.
Indonesia is America's 23rd top trading partner, according to US Commerce Department data from last year. The United States imported $28 billion worth of merchandise from there last year. Apparel and footwear were the top two goods Americans bought.
Meanwhile, the United States exported $10 billion worth of goods to Indonesia last year. Oilseeds and grain as well as oil and gas were the top two exports.
This is a developing story and will be updated.
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