Latest news with #FerdinandMarcosJr.
Yahoo
9 hours ago
- Business
- Yahoo
Trump announces trade agreement with the Philippines and terms of deal with Indonesia
President Donald Trump said Tuesday he and President Ferdinand Marcos Jr. of the Philippines have reached a trade agreement. Shortly after, he also revealed more detailed terms of an agreement 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.
Time of India
11 hours ago
- Politics
- Time of India
Trump Gets Angry When Grilled On Epstein Files During Bilateral Meet
During a bilateral meeting with Philippine President Ferdinand Marcos Jr., American President Donald Trump lost his temper when pressed by reporters about the Epstein files. Deflecting the heat, Trump snapped, 'Question Barack Hussain Obama first on the scandal exposed by Tulsi Gabbard!' He accused the media of targeting him unfairly and labelled the renewed scrutiny a 'witch hunt.' The outburst came as questions mount over high-profile names tied to Epstein, fuelling fresh political fire around the long-running controversy.
Axios
14 hours ago
- Business
- Axios
Trump says U.S., Philippines reach trade deal
President Trump said Tuesday that the U.S. and the Philippines have finalized a new trade agreement with zero tariffs on U.S. goods, while Filipino exports to the U.S. will face a 19% tariff. Why it matters: This marks the second trade deal between the U.S. and its counterparts since the President sent letters earlier this month to dozens of other countries that unilaterally set tariff rates as of August 1. Driving the news: President Trump met with Philippine President Ferdinand Marcos Jr. at the White House Tuesday. After the meeting, Trump posted on Truth Social about the deal, and added the two countries will cooperate militarily as well. Catch up quick: On April 2, Trump imposed a 17% tariff rate on the Philippines. That rate was lifted to 20% in a recent letter Trump sent to Marcos. Zoom out: Investors are pricing in a post-tariff world, betting on trade deals that lead to lower levies than those teased out on April 2. This trade deal refutes that idea, given that the 19% tariff rate agreed upon today is higher than the original Liberation Day levy on the Philippines. Stocks are mixed following the announcement, though the Big Tech stocks are dragging down equities ahead of earnings as well.
GMA Network
16 hours ago
- Business
- GMA Network
Marcos, Trump meet at White House
President Ferdinand Marcos Jr. and US President Donald Trump met at the White House, reaffirming the 'good relationship' between their countries and vowing to continue discussions on the tariff imposed by the US on Philippine goods. 'It's an honor to be with this gentleman . . . we have a very good relationship,' Trump said. Marcos said the Philippine and the US continue to have 'very strong ties,' through the years. Asked about the discussions on the reciprocal tariffs on imports from the Philippines, which Trump raised to 20 percent from 17 percent, the US leader said, 'he's a strong negotiator…he's negotiating too tough.' 'We'll probably agree on something,' Trump added. —LDF, GMA Integrated News
Al Etihad
17 hours ago
- Climate
- Al Etihad
Philippines braces for heavy rain after six people killed
22 July 2025 19:26 (BLOOMBERG) Philippine authorities suspended government work and classes in the capital region and dozens of provinces for a third day on Wednesday, warning of continued strong rains that killed at least six people and forced thousands in flooded areas to rains and a tropical storm have combined to pour the equivalent of a month's worth of rain in just four days, Manila's weather bureau said Tuesday, submerging many cities and displacing more than 82,000 suspension covers the capital region, home to at least 14 million people, and 36 provinces, most of them in the main Luzon island, the office of President Ferdinand Marcos Jr. said in a southwest monsoon 'will bring moderate to intense rains' in the next few days in northern and central Philippines, the interior ministry said in a statement.'Flooding is expected in areas that are urbanized, low-lying and near rivers. Landslides may also occur in moderate to highly susceptible areas,' it said, adding that forced evacuation has started in some weather bureau said it expects 'widespread incidents of severe flooding' with landslides through Friday, with three low pressure areas east of the country likely to become tropical cyclones this adverse weather had caused about 1.2 billion pesos ($21 million) in damage to both agriculture and infrastructure, according to the offices and schools were shut from Monday afternoon amid the heavy downpour. Financial markets were open. Marcos, who is in Washington to meet with US President Donald Trump, ordered government agencies to focus on flood response and relief operations, his office said in a statement. Some 118,000 households were without power, Joe Zaldarriaga, head of corporate communications at Manila Electric Co., told DZMM radio. Some 30 flights were cancelled, authorities said.
