Latest news with #Ferdinand Marcos Jnr
South China Morning Post
23-07-2025
- Business
- South China Morning Post
Is Philippines getting short end of US tariff stick? 19% rate slammed as ‘worst insult'
A new trade deal hailed by Philippine President Ferdinand Marcos Jnr as a 'significant achievement' has been slammed by critics at home as the 'worst insult' after Manila secured only a one percentage point tariff cut from Washington while granting American goods duty-free access. Marcos, the first Southeast Asian leader to be hosted by President Donald Trump since his return to the White House, visited the US capital from Sunday to Tuesday for a series of talks centred on trade and security. The trip came as Manila sought to defuse tensions over Trump's sweeping 'Liberation Day' tariff policy, which had initially imposed a 17 per cent duty on Philippine exports in April before increasing it to 20 per cent earlier this month. The outcome – a 19 per cent tariff rate on Philippine goods alongside zero tariffs for US exports – was unveiled by Trump on his Truth Social account after holding a joint press conference at the White House. Marcos defended the result, insisting the concession was more significant than it appeared.
South China Morning Post
23-07-2025
- Business
- South China Morning Post
Is Philippines getting short end of US tariff stick? 19% rate slammed as ‘worst insult'
A new trade deal hailed by Philippine President Ferdinand Marcos Jnr as a 'significant achievement' has been slammed by critics at home as the 'worst insult' after Manila secured only a one percentage point tariff cut from Washington while granting American goods duty-free access. Marcos, the first Southeast Asian leader to be hosted by President Donald Trump since his return to the White House, visited the US capital from Sunday to Tuesday for a series of talks centred on trade and security. The trip came as Manila sought to defuse tensions over Trump's sweeping 'Liberation Day' tariff policy, which had initially imposed a 17 per cent duty on Philippine exports in April before increasing it to 20 per cent earlier this month. The outcome – a 19 per cent tariff rate on Philippine goods alongside zero tariffs for US exports – was unveiled by Trump on his Truth Social account after holding a joint press conference at the White House. Marcos defended the result, insisting the concession was more significant than it appeared.
South China Morning Post
23-07-2025
- Business
- South China Morning Post
Marcos secures trade deal with Trump – but tariffs only drop 1 percentage point
Despite weeks of high-stakes negotiations, the US offered only a symbolic concession in the trade deal clinched by Philippine President Ferdinand Marcos Jnr as he wrapped up his Washington visit on Tuesday, only agreeing to lower threatened tariffs from 20 per cent to 19 per cent. '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% tariff,' Trump said, announcing the cut on his social media account. The deal has not yet been confirmed by Manila. Marcos left the White House without making any public remarks about a deal. No joint statement from the leaders' meeting has been issued yet by either side. Securing a favourable trade deal to shield Philippine exports from the looming economic blow was Marcos' top agenda item for the visit as he aimed to leverage the decades-old security ties to get a tariff discount. Trump in his post emphasised that in addition to the trade deal, the two countries 'will work together militarily', while lauding Marcos as a 'tough' negotiator. The US trade deficit with the Philippines widened to US$4.9 billion in 2024, a 21.8 per cent jump from 2023.
South China Morning Post
19-07-2025
- Politics
- South China Morning Post
Marcos vs Marcos: a Philippine first family's bitter feud
As Ferdinand Marcos Jnr touches down in Washington this weekend, his mind may well be half a world away, fixed not on the security and trade talks that await him but on the family feud back home: one born of betrayal, blind ambition and the wounds of history. The 67-year-old Philippine president – known to many as 'Bongbong' – and his sister Senator Imee Marcos, 69, were once the very picture of sibling solidarity, but have now become estranged, their rift laid bare for all to see. Imee has thrown her lot in with her brother's former ally turned fiercest political enemy: Vice-President Sara Duterte-Carpio, who has previously menaced not just Bongbong's life but those of his wife and their cousin, and even threatened to desecrate his late father's remains. Three years have passed since Bongbong's electoral victory restored the Marcos family to the Philippines ' top office, nearly four decades after a bloodless ' People Power ' revolution sent them into exile. With the president's three sons all too young to claim the mantle in 2028, only Imee and her own son are positioned to maintain the dynasty's influence at the next election. But their animosity makes such a prospect far from certain. Happier times: Philippine President Ferdinand Marcos Jnr with his sister Imee (left) after delivering his second state of the nation address at the House of Representatives in 2023. Photo: AP Quiet signs, loud break-up For months, the feud between Imee and her brother simmered behind closed doors, visible only in fleeting, awkward moments. At a church wedding earlier this year, guests watched in disbelief as the two siblings studiously avoided each other. 'They don't get along too well,' the surprised groom was overheard telling a guest.
