Trump says US, Philippines 'very close' to trade deal
"We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader.
Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia.
The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion.
Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April.
.@POTUS: "It's a great honor to have President Ferdinand Marcos Jr. of the Philippines... we're going to be talking about trade... we have some fantastic military relationships with the Philippines." pic.twitter.com/bMpe6cf8wd— Rapid Response 47 (@RapidResponse47) July 22, 2025
Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement.
Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent.
Trump underscored the importance of the US-Philippine military relationship.
"They're a very important nation militarily and we've had some great drills lately," he said.
Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio.
During his trip, he will also meet US business leaders investing in the Philippines.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
17 minutes ago
- West Australian
Viridis gets huge Brazilian finance nod for strategic minerals play
Viridis Mining and Minerals and its JV entity will ink a coveted joint support plan with two of Brazil's leading development agencies, opening the door to significant funding assistance from the Brazilian government. The Brazilian National Bank for Economic and Social Development (BNDES) and the Federal Agency for Studies and Projects (FINEP) confirmed the company and its joint venture entity Viridion, are eligible to progress a joint support plan under the government's strategic minerals initiative. The plan will provide the company with potentially transformative non-dilutive grants, debt financing and possible equity participation to develop its Colossus rare earths project in the Brazilian state of Minas Gerais. At the same time, Viridis announced it has signed a binding memorandum of understanding with two leading Brazilian asset management firms, clearing another pathway for staged payments of up to US$30 million (A$46 million) in private share placement funding. The funding is expected to provide much-needed support, as Viridis looks to rapidly develop Colossus towards a final investment decision and starts executing the highly anticipated project. Under the BNDES/FINEP initiative, Brazil plans to inject a whopping BRL$5 billion (US$903 million) into the country's most noteworthy strategic mineral projects to strengthen its local supply chains. Viridis received an initial nod to progress to this next phase of the initiative in June. Being tapped to participate in the program could play a major role in fast-tracking Viridis' expanding Colossus rare earths project towards production and boosting its Viridion JV recycling and downstream refining business. Providing certain requirements are met, Viridis-Viridion could gain access to financial options, including BNDES funding programs, credit lines and equity investment, as well as to FINEP's non-reimbursable resources. Viridis plans to immediately negotiate a tailored funding package to supercharge Colossus' development and refining operations. Management says the company was selected largely due to the strong economics revealed in its preliminary feasibility study for Colossus, as well as its access to ASX-listed Ionic Rare Earths' patented and proven new-age refining and recycling technology. Viridion is a joint venture between Viridis and Ionic. The joint agency initiative was recently bolstered by a second round of funding, which put a further BRL$3 billion (US$542 million) on the table to help companies advanced in the strategic minerals refining process to develop innovation hubs and technology. The Viridion joint venture encompasses Ionic's patented solvent extraction technology developed at its Belfast plant in Ireland. The partners recently secured land in Minas Gerais' capital Poços de Caldas to build a centre for rare earths innovation, technology and recycling. The rare earth recycling facility will focus on recovering magnets from end-of-life equipment, such as wind turbines, electric motors and MRI machines. It will also process mixed rare earth carbonates from Colossus' demonstration plant. With its recycling and processing arms, Viridion could be an ideal candidate to source more funding from Brazil's second round funding. Viridion recently delivered high-purity magnet rare earths neodymium, praseodymium, dysprosium and terbium to Brazil's only magnet manufacturer CIT SENAI ITR. The new recycling facility will produce four magnet rare earth oxides at better than or equal to 99.5 per cent purity. In a further head-turning reveal, Viridis announced it has signed a binding memorandum of understanding with two leading Brazilian asset management firms, ORE Investments Ltda and Régia Capital Ltda, of up to US$30 million (A$46 million) in private share placement funding. Private equity group ORE Investments only invests in the mining sector, where it has deep experience in the technical, operational and financial sectors. Asset manager Régia Capital provides sustainable investments strongly aligned with environmental, social and governance criteria. The funding support for Colossus signifies a major vote of confidence in the growing project from renowned industry players, which may lead to improved access to project financing, permitting and support from potential key local stakeholders. Equity finance could provide flexible financing options for Viridis at important stages of its project development. The investment framework enables staged equity funding, designed to be delivered across four tranches over a maximum 36 months to support the company through key project milestones. Viridis will receive an initial US$5 million when it executes definitive agreements, priced at 91 cents per share. Follow-on tranche payments of US$5 million, US$10 million and a final US$10 million are scheduled at 12-month intervals to provide predictable funding support in line with Viridis' expected project development timelines. Viridis retains the right to pursue other financing opportunities, including under the joint BNDES and FINEP initiative, offering the company maximum flexibility. Viridis continues to work on environmental permitting and says advancing the regulatory framework is a priority. It completed an environment impact assessment report in January and a preliminary licence is expected to be approved shortly. Management says it has received strong interest in recent financing discussions with multiple government institutions, export credit agencies and development banks in several nations. The company is also pursuing strategic offtake talks, boosted by the recent strong pre-feasibility study economics. It is planning to run a metallurgical test program to enhance its recovery levels, and will feed this data into an upcoming definitive feasibility study. Viridis, with its massive Colossus project and magnet recycling joint venture with Ionic, seems to have caught the attention of the right players willing and able to support mining. That can only be a positive thing for this aspiring rare earths producer. Is your ASX-listed company doing something interesting? Contact:
The Advertiser
18 minutes ago
- The Advertiser
Petrol power is enjoying a resurgence at General Motors
General Motors was increasingly going down the path of having V8-powered full-size pickups and SUVs, but using electric power for almost everything else. Its Buick and Cadillac brands, for example, had goals of going electric-only by 2030, while myriad combustion-powered models were being phased out. However, GM Authority reports the American giant is now putting new combustion-powered vehicles into development. It's also reportedly evaluating new variants of existing combustion-powered vehicles – something that could see it introduce, for example, performance-focused pickups to take on Ford's Raptor models. CarExpert can save you thousands on a new car. Click here to get a great deal. ABOVE: Chevrolet Silverado ZR2 It's unclear what new combustion-powered models GM may develop, though it currently doesn't have a unibody (car-based) ute to rival the Ford Maverick and no longer has a pony car to rival the Ford Mustang (following the axing of the Chevrolet Camaro). It also doesn't have a body-on-frame off-roader smaller than its Chevrolet Tahoe/GMC Yukon to take on the Toyota 4Runner and LandCruiser 250 Series (sold as the Prado here), apart from the ageing Chevrolet Trailblazer in Latin America. The change in strategy comes as fuel prices remain low in the US, while emissions regulations have been softened under the Trump administration. Of course, GM still has a bevy of electric vehicles (EVs) and is crowing about its Chevrolet brand being the second biggest seller of EVs in the US market. But GM had been more aggressive than many brands in phasing out combustion-powered vehicles in favour of EVs. ABOVE: American Cadillac XT5 and (new) Chinese XT5 For example, the Chevrolet Blazer and Cadillac XT4, XT5 and XT6 crossover SUVs were all being phased out in favour of electric replacements – the Blazer EV, Optiq, Lyriq and Vistiq, respectively. Likewise, the Cadillac CT4 and CT5 sedans were expected to be replaced by one or two electric sedans, while the Chevrolet Malibu sedan has been axed outright. While none of these combustion-powered vehicles top the sales charts in their respective segments, many have been strong sellers at one point or another in their run. However, in June, GM announced it would add production of the combustion-powered Blazer to its Spring Hill, Tennessee plant in 2027 – a somewhat odd move, given the now six-year-old vehicle was set to be phased out. ABOVE: Chevrolet Blazer and Blazer EV Now, GM Authority reports it'll be a next-generation Blazer being manufactured in Spring Hill. Whether this means the new second-generation XT5 sold in China – previously slated to be a Chinese-market exclusive vehicle – will be offered in the US remains to be seen. It's not just the new XT5 that's exclusive to China. GM has developed a handful of new-generation combustion-powered vehicles for China that it hasn't offered in its home market. That includes the Cadillac GT4 and second-generation CT6. However, GM has struggled in China of late as resurgent domestic brands offering increasingly sophisticated products have eaten away both at its market share and that of many other foreign brands. It's now losing money there, despite the Chinese market once being a cash cow. ABOVE: Cadillac Lyriq With GM having reduced its global footprint through the sale of Opel/Vauxhall and a large-scale (if not complete) withdrawal from right-hand drive production that spelled the end of Holden, among other strategic moves, its home market has now become even more important. And despite EV sales continuing to grow in the US, the world's second-largest new-car market, there's still healthy demand for combustion-powered vehicles. GM has been pulling back somewhat from its previous bold EV goals. For example, it confirmed this year its Orion Assembly Plant in Michigan that was earmarked for EV production will now produce combustion-powered vehicles, while it will also introduce plug-in hybrids – technology it was previously planning to skip over. However, it's investing in new battery developments and plans to introduce a new, more affordable EV as a successor to its defunct Chevrolet Bolt, indicating it remains committed to EVs. It now offers multiple EVs across its Cadillac, Chevrolet and GMC brands, with electric Buicks also offered in China. Content originally sourced from: General Motors was increasingly going down the path of having V8-powered full-size pickups and SUVs, but using electric power for almost everything else. Its Buick and Cadillac brands, for example, had goals of going electric-only by 2030, while myriad combustion-powered models were being phased out. However, GM Authority reports the American giant is now putting new combustion-powered vehicles into development. It's also reportedly evaluating new variants of existing combustion-powered vehicles – something that could see it introduce, for example, performance-focused pickups to take on Ford's Raptor models. CarExpert can save you thousands on a new car. Click here to get a great deal. ABOVE: Chevrolet Silverado ZR2 It's unclear what new combustion-powered models GM may develop, though it currently doesn't have a unibody (car-based) ute to rival the Ford Maverick and no longer has a pony car to rival the Ford Mustang (following the axing of the Chevrolet Camaro). It also doesn't have a body-on-frame off-roader smaller than its Chevrolet Tahoe/GMC Yukon to take on the Toyota 4Runner and LandCruiser 250 Series (sold as the Prado here), apart from the ageing Chevrolet Trailblazer in Latin America. The change in strategy comes as fuel prices remain low in the US, while emissions regulations have been softened under the Trump administration. Of course, GM still has a bevy of electric vehicles (EVs) and is crowing about its Chevrolet brand being the second biggest seller of EVs in the US market. But GM had been more aggressive than many brands in phasing out combustion-powered vehicles in favour of EVs. ABOVE: American Cadillac XT5 and (new) Chinese XT5 For example, the Chevrolet Blazer and Cadillac XT4, XT5 and XT6 crossover SUVs were all being phased out in favour of electric replacements – the Blazer EV, Optiq, Lyriq and Vistiq, respectively. Likewise, the Cadillac CT4 and CT5 sedans were expected to be replaced by one or two electric sedans, while the Chevrolet Malibu sedan has been axed outright. While none of these combustion-powered vehicles top the sales charts in their respective segments, many have been strong sellers at one point or another in their run. However, in June, GM announced it would add production of the combustion-powered Blazer to its Spring Hill, Tennessee plant in 2027 – a somewhat odd move, given the now six-year-old vehicle was set to be phased out. ABOVE: Chevrolet Blazer and Blazer EV Now, GM Authority reports it'll be a next-generation Blazer being manufactured in Spring Hill. Whether this means the new second-generation XT5 sold in China – previously slated to be a Chinese-market exclusive vehicle – will be offered in the US remains to be seen. It's not just the new XT5 that's exclusive to China. GM has developed a handful of new-generation combustion-powered vehicles for China that it hasn't offered in its home market. That includes the Cadillac GT4 and second-generation CT6. However, GM has struggled in China of late as resurgent domestic brands offering increasingly sophisticated products have eaten away both at its market share and that of many other foreign brands. It's now losing money there, despite the Chinese market once being a cash cow. ABOVE: Cadillac Lyriq With GM having reduced its global footprint through the sale of Opel/Vauxhall and a large-scale (if not complete) withdrawal from right-hand drive production that spelled the end of Holden, among other strategic moves, its home market has now become even more important. And despite EV sales continuing to grow in the US, the world's second-largest new-car market, there's still healthy demand for combustion-powered vehicles. GM has been pulling back somewhat from its previous bold EV goals. For example, it confirmed this year its Orion Assembly Plant in Michigan that was earmarked for EV production will now produce combustion-powered vehicles, while it will also introduce plug-in hybrids – technology it was previously planning to skip over. However, it's investing in new battery developments and plans to introduce a new, more affordable EV as a successor to its defunct Chevrolet Bolt, indicating it remains committed to EVs. It now offers multiple EVs across its Cadillac, Chevrolet and GMC brands, with electric Buicks also offered in China. Content originally sourced from: General Motors was increasingly going down the path of having V8-powered full-size pickups and SUVs, but using electric power for almost everything else. Its Buick and Cadillac brands, for example, had goals of going electric-only by 2030, while myriad combustion-powered models were being phased out. However, GM Authority reports the American giant is now putting new combustion-powered vehicles into development. It's also reportedly evaluating new variants of existing combustion-powered vehicles – something that could see it introduce, for example, performance-focused pickups to take on Ford's Raptor models. CarExpert can save you thousands on a new car. Click here to get a great deal. ABOVE: Chevrolet Silverado ZR2 It's unclear what new combustion-powered models GM may develop, though it currently doesn't have a unibody (car-based) ute to rival the Ford Maverick and no longer has a pony car to rival the Ford Mustang (following the axing of the Chevrolet Camaro). It also doesn't have a body-on-frame off-roader smaller than its Chevrolet Tahoe/GMC Yukon to take on the Toyota 4Runner and LandCruiser 250 Series (sold as the Prado here), apart from the ageing Chevrolet Trailblazer in Latin America. The change in strategy comes as fuel prices remain low in the US, while emissions regulations have been softened under the Trump administration. Of course, GM still has a bevy of electric vehicles (EVs) and is crowing about its Chevrolet brand being the second biggest seller of EVs in the US market. But GM had been more aggressive than many brands in phasing out combustion-powered vehicles in favour of EVs. ABOVE: American Cadillac XT5 and (new) Chinese XT5 For example, the Chevrolet Blazer and Cadillac XT4, XT5 and XT6 crossover SUVs were all being phased out in favour of electric replacements – the Blazer EV, Optiq, Lyriq and Vistiq, respectively. Likewise, the Cadillac CT4 and CT5 sedans were expected to be replaced by one or two electric sedans, while the Chevrolet Malibu sedan has been axed outright. While none of these combustion-powered vehicles top the sales charts in their respective segments, many have been strong sellers at one point or another in their run. However, in June, GM announced it would add production of the combustion-powered Blazer to its Spring Hill, Tennessee plant in 2027 – a somewhat odd move, given the now six-year-old vehicle was set to be phased out. ABOVE: Chevrolet Blazer and Blazer EV Now, GM Authority reports it'll be a next-generation Blazer being manufactured in Spring Hill. Whether this means the new second-generation XT5 sold in China – previously slated to be a Chinese-market exclusive vehicle – will be offered in the US remains to be seen. It's not just the new XT5 that's exclusive to China. GM has developed a handful of new-generation combustion-powered vehicles for China that it hasn't offered in its home market. That includes the Cadillac GT4 and second-generation CT6. However, GM has struggled in China of late as resurgent domestic brands offering increasingly sophisticated products have eaten away both at its market share and that of many other foreign brands. It's now losing money there, despite the Chinese market once being a cash cow. ABOVE: Cadillac Lyriq With GM having reduced its global footprint through the sale of Opel/Vauxhall and a large-scale (if not complete) withdrawal from right-hand drive production that spelled the end of Holden, among other strategic moves, its home market has now become even more important. And despite EV sales continuing to grow in the US, the world's second-largest new-car market, there's still healthy demand for combustion-powered vehicles. GM has been pulling back somewhat from its previous bold EV goals. For example, it confirmed this year its Orion Assembly Plant in Michigan that was earmarked for EV production will now produce combustion-powered vehicles, while it will also introduce plug-in hybrids – technology it was previously planning to skip over. However, it's investing in new battery developments and plans to introduce a new, more affordable EV as a successor to its defunct Chevrolet Bolt, indicating it remains committed to EVs. It now offers multiple EVs across its Cadillac, Chevrolet and GMC brands, with electric Buicks also offered in China. Content originally sourced from: General Motors was increasingly going down the path of having V8-powered full-size pickups and SUVs, but using electric power for almost everything else. Its Buick and Cadillac brands, for example, had goals of going electric-only by 2030, while myriad combustion-powered models were being phased out. However, GM Authority reports the American giant is now putting new combustion-powered vehicles into development. It's also reportedly evaluating new variants of existing combustion-powered vehicles – something that could see it introduce, for example, performance-focused pickups to take on Ford's Raptor models. CarExpert can save you thousands on a new car. Click here to get a great deal. ABOVE: Chevrolet Silverado ZR2 It's unclear what new combustion-powered models GM may develop, though it currently doesn't have a unibody (car-based) ute to rival the Ford Maverick and no longer has a pony car to rival the Ford Mustang (following the axing of the Chevrolet Camaro). It also doesn't have a body-on-frame off-roader smaller than its Chevrolet Tahoe/GMC Yukon to take on the Toyota 4Runner and LandCruiser 250 Series (sold as the Prado here), apart from the ageing Chevrolet Trailblazer in Latin America. The change in strategy comes as fuel prices remain low in the US, while emissions regulations have been softened under the Trump administration. Of course, GM still has a bevy of electric vehicles (EVs) and is crowing about its Chevrolet brand being the second biggest seller of EVs in the US market. But GM had been more aggressive than many brands in phasing out combustion-powered vehicles in favour of EVs. ABOVE: American Cadillac XT5 and (new) Chinese XT5 For example, the Chevrolet Blazer and Cadillac XT4, XT5 and XT6 crossover SUVs were all being phased out in favour of electric replacements – the Blazer EV, Optiq, Lyriq and Vistiq, respectively. Likewise, the Cadillac CT4 and CT5 sedans were expected to be replaced by one or two electric sedans, while the Chevrolet Malibu sedan has been axed outright. While none of these combustion-powered vehicles top the sales charts in their respective segments, many have been strong sellers at one point or another in their run. However, in June, GM announced it would add production of the combustion-powered Blazer to its Spring Hill, Tennessee plant in 2027 – a somewhat odd move, given the now six-year-old vehicle was set to be phased out. ABOVE: Chevrolet Blazer and Blazer EV Now, GM Authority reports it'll be a next-generation Blazer being manufactured in Spring Hill. Whether this means the new second-generation XT5 sold in China – previously slated to be a Chinese-market exclusive vehicle – will be offered in the US remains to be seen. It's not just the new XT5 that's exclusive to China. GM has developed a handful of new-generation combustion-powered vehicles for China that it hasn't offered in its home market. That includes the Cadillac GT4 and second-generation CT6. However, GM has struggled in China of late as resurgent domestic brands offering increasingly sophisticated products have eaten away both at its market share and that of many other foreign brands. It's now losing money there, despite the Chinese market once being a cash cow. ABOVE: Cadillac Lyriq With GM having reduced its global footprint through the sale of Opel/Vauxhall and a large-scale (if not complete) withdrawal from right-hand drive production that spelled the end of Holden, among other strategic moves, its home market has now become even more important. And despite EV sales continuing to grow in the US, the world's second-largest new-car market, there's still healthy demand for combustion-powered vehicles. GM has been pulling back somewhat from its previous bold EV goals. For example, it confirmed this year its Orion Assembly Plant in Michigan that was earmarked for EV production will now produce combustion-powered vehicles, while it will also introduce plug-in hybrids – technology it was previously planning to skip over. However, it's investing in new battery developments and plans to introduce a new, more affordable EV as a successor to its defunct Chevrolet Bolt, indicating it remains committed to EVs. It now offers multiple EVs across its Cadillac, Chevrolet and GMC brands, with electric Buicks also offered in China. Content originally sourced from:
Sky News AU
40 minutes ago
- Sky News AU
Coalition calls for Senate inquiry after Labor backflips on US beef exports ban
The Coalition wants a Senate inquiry into the government backflip to allow US beef exports into Australia, citing the 'concerning' timing of the decision amid stalled tariff negotiations. Labor has rejected claims the link to ongoing tariff discussions, stating the decision follows a lengthy review undertaken by the Department of Agriculture, Fisheries and Forestry, which found new tracing protocols eliminated risks posed by beef sourced from Canada and Mexico but slaughtered in the US. However Nationals Leader David Littleproud says an inquiry is required to give 'assurance' that 'Labor isn't sacrificing our high biosecurity standards'. The probe would look at the threat of importing beef which has potentially been exposed to diseases, the risk assessment taken by the government, standards and protocol for US beef imports and the risk posed by future outbreaks. 'The timing of this decision, just as the Prime Minister seeks to obtain a meeting with the US President, is concerning,' Mr Littleproud said. 'Our biosecurity cannot be a bargaining tool. The protocol outlining the import conditions, only released today, provide little detail on the science and the traceability requirements.' Nationals senator Matt Canavan said an inquiry was needed to 'fully understand the urgency and advice behind the government's decision'. 'It's imperative we understand what impact Labor's decision will have on Australia's reputation as having the world's best and safest beef,' he said. 'Our biosecurity standards are world-leading and our beef producers deserve to know whether they are being sacrificed at the political alter.' Speaking during question time on Monday, Agriculture Minister Julie Collins said Labor had 'not compromised on biosecurity at all, in any way, shape or form,' and said Mr Littleproud a former agriculture minister, would be aware of the review processes. 'He would know about the industry engagement that has occurred throughout this process,' she said. 'The other thing that he would know is that the US and Australia traceability systems are equivalent and that the decision has been taken based on science … and of course all food imported into Australia must be safe and compliant with our food standards. 'The member opposite would know that the department's security assessment is done in the usual manner as it is done for every other imports into this country.' This comes after Trade Minister Don Farrell mistakenly said US President Donald Trump had directly asked Mr Albanese to remove the ban on US beef exports. Moments later Mr Albanese clarified that the issue was not directly raised in either of the three phone calls he's had with Mr Trump. Instead, he said Mr Trump had made the statement during his Liberation Day tariff announcement. Announcing the levies, which hit a 10 per cent levy on general Australian imports in April, Mr Trump singled out Australia's treatment of US beef. Originally published as Coalition calls for Senate inquiry after Labor backflips on US beef exports ban
