Latest news with #A7.7
The Advertiser
6 days ago
- Business
- The Advertiser
Trump announces trade deal as Philippines leader visits
US President Donald Trump has announced a new 19 per cent tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr to the White House, saying US goods would pay zero tariffs. Trump posted the news on his Truth Social media platform after meeting with Marcos in the Oval Office, where he had signalled a deal could be reached during the visit. "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, calling Marcos a "very good and tough negotiator". Trump said the two Pacific allies would also work together militarily but gave no details. Marcos told reporters at the start of the meeting that the United States was his country's "strongest, closest, most reliable ally". The 19 per cent tariff rate was just below the 20 per cent threatened by Trump earlier this month but above the 17 per cent rate set in April when Trump announced what he called reciprocal tariff rates for dozens of countries. It matches the 19 per cent rate announced for Indonesia and bests Vietnam's slightly higher rate of 20 per cent. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump said the two countries did "a lot of business" with each other, adding the "very big numbers" in the trade agreement would only grow larger. During the Oval Office event, Trump said he may visit China for a landmark trip "in the not-too-distant future" and noted the Philippines had distanced itself from China after his election last November. "The country was maybe tilting toward China but we un-tilted it very, very quickly," Trump said. Critics warn Trump's tariffs on nearly all foreign goods could boost prices for US consumers, complicating his push for the Federal Reserve to lower interest rates. No comment was immediately available from Marcos, who did not speak to reporters before leaving the White House grounds. Philippine Assistant Foreign Secretary Raquel Solano said last week trade officials have been working with US counterparts seeking to seal a "mutually acceptable and mutually beneficial" deal. Marcos, who arrived in Washington DC on Sunday, met with Defense Secretary Pete Hegseth and Secretary of State Marco Rubio on Monday. During his trip, he will also meet US business leaders investing in the Philippines. US President Donald Trump has announced a new 19 per cent tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr to the White House, saying US goods would pay zero tariffs. Trump posted the news on his Truth Social media platform after meeting with Marcos in the Oval Office, where he had signalled a deal could be reached during the visit. "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, calling Marcos a "very good and tough negotiator". Trump said the two Pacific allies would also work together militarily but gave no details. Marcos told reporters at the start of the meeting that the United States was his country's "strongest, closest, most reliable ally". The 19 per cent tariff rate was just below the 20 per cent threatened by Trump earlier this month but above the 17 per cent rate set in April when Trump announced what he called reciprocal tariff rates for dozens of countries. It matches the 19 per cent rate announced for Indonesia and bests Vietnam's slightly higher rate of 20 per cent. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump said the two countries did "a lot of business" with each other, adding the "very big numbers" in the trade agreement would only grow larger. During the Oval Office event, Trump said he may visit China for a landmark trip "in the not-too-distant future" and noted the Philippines had distanced itself from China after his election last November. "The country was maybe tilting toward China but we un-tilted it very, very quickly," Trump said. Critics warn Trump's tariffs on nearly all foreign goods could boost prices for US consumers, complicating his push for the Federal Reserve to lower interest rates. No comment was immediately available from Marcos, who did not speak to reporters before leaving the White House grounds. Philippine Assistant Foreign Secretary Raquel Solano said last week trade officials have been working with US counterparts seeking to seal a "mutually acceptable and mutually beneficial" deal. Marcos, who arrived in Washington DC on Sunday, met with Defense Secretary Pete Hegseth and Secretary of State Marco Rubio on Monday. During his trip, he will also meet US business leaders investing in the Philippines. US President Donald Trump has announced a new 19 per cent tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr to the White House, saying US goods would pay zero tariffs. Trump posted the news on his Truth Social media platform after meeting with Marcos in the Oval Office, where he had signalled a deal could be reached during the visit. "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, calling Marcos a "very good and tough negotiator". Trump said the two Pacific allies would also work together militarily but gave no details. Marcos told reporters at the start of the meeting that the United States was his country's "strongest, closest, most reliable ally". The 19 per cent tariff rate was just below the 20 per cent threatened by Trump earlier this month but above the 17 per cent rate set in April when Trump announced what he called reciprocal tariff rates for dozens of countries. It matches the 19 per cent rate announced for Indonesia and bests Vietnam's slightly higher rate of 20 per cent. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump said the two countries did "a lot of business" with each other, adding the "very big numbers" in the trade agreement would only grow larger. During the Oval Office event, Trump said he may visit China for a landmark trip "in the not-too-distant future" and noted the Philippines had distanced itself from China after his election last November. "The country was maybe tilting toward China but we un-tilted it very, very quickly," Trump said. Critics warn Trump's tariffs on nearly all foreign goods could boost prices for US consumers, complicating his push for the Federal Reserve to lower interest rates. No comment was immediately available from Marcos, who did not speak to reporters before leaving the White House grounds. Philippine Assistant Foreign Secretary Raquel Solano said last week trade officials have been working with US counterparts seeking to seal a "mutually acceptable and mutually beneficial" deal. Marcos, who arrived in Washington DC on Sunday, met with Defense Secretary Pete Hegseth and Secretary of State Marco Rubio on Monday. During his trip, he will also meet US business leaders investing in the Philippines. US President Donald Trump has announced a new 19 per cent tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr to the White House, saying US goods would pay zero tariffs. Trump posted the news on his Truth Social media platform after meeting with Marcos in the Oval Office, where he had signalled a deal could be reached during the visit. "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, calling Marcos a "very good and tough negotiator". Trump said the two Pacific allies would also work together militarily but gave no details. Marcos told reporters at the start of the meeting that the United States was his country's "strongest, closest, most reliable ally". The 19 per cent tariff rate was just below the 20 per cent threatened by Trump earlier this month but above the 17 per cent rate set in April when Trump announced what he called reciprocal tariff rates for dozens of countries. It matches the 19 per cent rate announced for Indonesia and bests Vietnam's slightly higher rate of 20 per cent. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump said the two countries did "a lot of business" with each other, adding the "very big numbers" in the trade agreement would only grow larger. During the Oval Office event, Trump said he may visit China for a landmark trip "in the not-too-distant future" and noted the Philippines had distanced itself from China after his election last November. "The country was maybe tilting toward China but we un-tilted it very, very quickly," Trump said. Critics warn Trump's tariffs on nearly all foreign goods could boost prices for US consumers, complicating his push for the Federal Reserve to lower interest rates. No comment was immediately available from Marcos, who did not speak to reporters before leaving the White House grounds. Philippine Assistant Foreign Secretary Raquel Solano said last week trade officials have been working with US counterparts seeking to seal a "mutually acceptable and mutually beneficial" deal. Marcos, who arrived in Washington DC on Sunday, met with Defense Secretary Pete Hegseth and Secretary of State Marco Rubio on Monday. During his trip, he will also meet US business leaders investing in the Philippines.
The Advertiser
6 days ago
- Business
- The Advertiser
Trump says US, Philippines 'very close' to trade deal
US President Donald Trump has welcomed Philippine President Ferdinand Marcos Jr to the White House, saying the two countries are close to finalising a trade agreement. "We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader. Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April. Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement. Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent. Trump underscored the importance of the US-Philippine military relationship. "They're a very important nation militarily and we've had some great drills lately," he said. Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio. During his trip, he will also meet US business leaders investing in the Philippines. US President Donald Trump has welcomed Philippine President Ferdinand Marcos Jr to the White House, saying the two countries are close to finalising a trade agreement. "We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader. Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April. Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement. Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent. Trump underscored the importance of the US-Philippine military relationship. "They're a very important nation militarily and we've had some great drills lately," he said. Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio. During his trip, he will also meet US business leaders investing in the Philippines. US President Donald Trump has welcomed Philippine President Ferdinand Marcos Jr to the White House, saying the two countries are close to finalising a trade agreement. "We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader. Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April. Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement. Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent. Trump underscored the importance of the US-Philippine military relationship. "They're a very important nation militarily and we've had some great drills lately," he said. Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio. During his trip, he will also meet US business leaders investing in the Philippines. US President Donald Trump has welcomed Philippine President Ferdinand Marcos Jr to the White House, saying the two countries are close to finalising a trade agreement. "We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader. Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April. Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement. Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent. Trump underscored the importance of the US-Philippine military relationship. "They're a very important nation militarily and we've had some great drills lately," he said. Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio. During his trip, he will also meet US business leaders investing in the Philippines.
Perth Now
6 days ago
- Business
- Perth Now
Trump says US, Philippines 'very close' to trade deal
US President Donald Trump has welcomed Philippine President Ferdinand Marcos Jr to the White House, saying the two countries are close to finalising a trade agreement. "We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader. Trump has already struck trade deals with two regional partners of the Philippines - Vietnam and Indonesia. The United States had a deficit of nearly $US5 billion ($A7.7 billion) with the Philippines last year on bilateral goods trade of $US23.5 billion. Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20 per cent, from 17 per cent threatened in April. .@POTUS: "It's a great honor to have President Ferdinand Marcos Jr. of the Philippines... we're going to be talking about trade... we have some fantastic military relationships with the Philippines." Rapid Response 47 (@RapidResponse47) July 22, 2025 Trump said the two countries did "a lot of business" with each other, saying he was surprised to see what he called "very big numbers" that would only grow under a trade agreement. Gregory Poling, from the Washington's Center for Strategic and International Studies, said Marcos might be able to do better than Vietnam, with its agreement of a 20 per cent baseline tariff on its goods, and Indonesia at 19 per cent. Trump underscored the importance of the US-Philippine military relationship. "They're a very important nation militarily and we've had some great drills lately," he said. Marcos, who arrived in Washington DC on Sunday, went to the Pentagon on Monday for talks with Defense Secretary Pete Hegseth and later met with Secretary of State Marco Rubio. During his trip, he will also meet US business leaders investing in the Philippines.
Perth Now
17-07-2025
- Business
- Perth Now
Meta, Zuckerberg settle over Facebook privacy violation
Mark Zuckerberg and current and former directors and officers of Meta Platforms have agreed to settle multi-billion dollar claims for the damage they allegedly caused the company by allowing repeated violations of Facebook users' privacy, a lawyer for the shareholders told a Delaware judge. The shareholders had been seeking $US8 billion ($A12 billion) in claims. The parties did not disclose details of the settlement and defence lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery. McCormick adjourned the trial just as it was to enter its second day and she congratulated the parties. The plaintiffs' lawyer, Sam Closic, said the agreement just came together quickly. Billionaire venture capitalist Marc Andreessen, a defendant in the trial and a Meta director, was scheduled to testify on Thursday. Shareholders of Meta sued Zuckerberg, Andreessen and other former company officials including former Chief Operating Officer Sheryl Sandberg in hopes of holding them liable for billions of dollars in fines and legal costs the company paid in recent years. The Federal Trade Commission fined Facebook $US5 billion ($A7.7 billion) in 2019 after finding that it failed to comply with a 2012 agreement with the regulator to protect users' data. The shareholders wanted the 11 defendants to use their personal wealth to reimburse the company. The defendants denied the allegations, which they called "extreme claims." Facebook changed its name to Meta in 2021. The company was not a defendant and declined to comment. On its website, the company has said it has invested billions of dollars into protecting user privacy since 2019. A lawyer for the defendants declined to comment. "This settlement may bring relief to the parties involved, but it's a missed opportunity for public accountability," said Jason Kint, the head of Digital Content Next, a trade group for content providers. Zuckerberg was expected to take the stand on Monday and Sandberg on Wednesday. The trial was scheduled to run through the end of next week. The case was also expected to include testimony from former Facebook board members Peter Thiel, Palantir Technologies co-founder, and Reed Hastings, co-founder of Netflix . By settling, Zuckerberg and other defendants avoid having to answer probing questions under oath. Sandberg was found during the litigation to have deleted what were likely her most sensitive emails and she was sanctioned, making it harder for her to tell her side of the story in court. The settlement allows plaintiffs to avoid trying a very difficult case. Meta investors alleged that former and current board members completely failed to oversee the company's compliance with the 2012 FTC agreement. The lawsuit also claimed that Zuckerberg and Sandberg knowingly ran Facebook as an illegal data harvesting operation.
