The U.S. and the Philippines reached terms on a deal focused on tariffs and market access, President Donald Trump posted on Truth Social Tuesday.
Under the “concluded” trade deal, imports from the Philippines would be subject to a 19% tariff, according to Trump. Meanwhile, U.S. exports would have full market access to the country and face “ZERO tariffs,” the president said.
Earlier this month, Trump said imports from the Philippines were scheduled to incur a 20% tariff starting Aug. 1. Trump initially announced a lower rate of 17% in April, which was later paused.
“We do a lot of business with [the Philippines], it’s a lot of income coming in for both groups,” Trump said at the Oval Office Tuesday, prior to announcing the deal. “But I was surprised to see the kind of numbers — they are very big — and they are going to get bigger under what we’re doing and what we’re proposing.”
