Trump confirms trade deal with the Philippines, imposes 19% tariff
Trump made the announcement after hosting Philippine President Ferdinand Marcos Jr. at the White House. In a post on Truth Social, Trump wrote, '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.'
The exact terms of the agreement were not made public, and it was not immediately clear whether any formal documents were signed.
Earlier the same day, while speaking to reporters in the Oval Office, Trump had said, 'I'm not ready to make a deal with him. He's negotiating too tough,' but added, 'We'll probably agree to something.'
This trade arrangement is unusual. Trump has previously used tariff threats to push countries into trade talks. In April, goods from the Philippines were subject to a 17% reciprocal tariff. Trump later paused that rate but warned earlier this month that a 20% tariff could take effect from 1 August unless a deal was reached.
Under the new arrangement, American goods shipped to the Philippines will not face any tariffs, while goods coming from the Philippines will be subject to a 19% rate.
The financial markets showed little reaction to the announcement. Reuters said the Dow Jones Industrial Average rose by 115 points (0.26%), while the S&P 500 remained steady, and the Nasdaq slipped by 0.37%.
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