US reaches trade deals with Japan, Philippines: Trump
Donald Trump hosted his Philippine counterpart Ferdinand Marcos Jr in the Oval Office, before announcing later that a deal has been reached. Photo: Reuters
US President Donald Trump on Tuesday said the US have reached trade deals with Japan and the Philippines.
In a post on his Truth Social media platform, Trump said the deal with Tokyo would include US$550 billion of Japanese investments in the United States.
He also said that Japan would increase market access to American producers of cars, trucks, rice and certain agricultural products, among other items.
"This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan," Trump said.
But the post made no mention of easing tariffs on Japanese automobiles, which account for more than a quarter of all the country's exports to the US and are subject to a 25 percent tariff.
Neither the White House nor the Japanese foreign ministry responded to a Reuters request for additional details.
Separately, Trump announced a new 19 percent tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr to the White House.
US goods would pay zero tariffs, he added.
The new tariff rate is just below the 20 percent threatened by Trump earlier this month, but still above the 17 percent set in April.
Trump posted the news on Truth Social after meeting with Marcos in the Oval Office.
"It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19 percent Tariff," Trump wrote, while calling Marcos a "very good and tough negotiator".
Trump said the two Pacific allies, who will celebrate 80 years of diplomatic relations next year, would also work together militarily but gave no details.
Marcos, the first Southeast Asian leader to meet Trump in his second term, told reporters at the start of the meeting that the US was his country's "strongest, closest, most reliable ally".
He had no comment after Trump's post on the new tariff rate.
Gregory Poling, a Southeast Asia expert at Washington's Center for Strategic and International Studies, said it was too early to say much about the Philippines trade deal since no details had been released, as was the case with similar pacts with Indonesia and Vietnam.
"At the end of the day, I don't think the Philippine government is sweating the final number so long as it keeps Philippine-made goods competitive with those of its neighbours, which this does," Poling said. (Reuters)
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