Trump says Philippines will pay 19% 'reciprocal' tariffs
In a social media post, Trump said that his administration reached a trade deal with the Philippines, after he held a meeting with Philippine President Ferdinand Marcos Jr. at the White House.
"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% Tariff," Trump wrote on Truth Social.
"In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!"
The deal comes as South Korea and other countries are striving to strike trade deals with the US before Aug. 1, when Trump's "reciprocal" tariffs, including 25 percent duties on South Korea, are set to take effect. (Yonhap)
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