Latest news with #Ferdinand Marcos Jr
CNA
a day ago
- Business
- CNA
Philippines' Marcos to meet Trump hoping to secure trade deal
MANILA: Philippine President Ferdinand Marcos Jr meets US President Donald Trump this week, hoping Manila's status as a key Asian ally will secure a more favourable trade deal before an Aug 1 deadline. Marcos will be the first Southeast Asian leader to meet Trump in his second term. Trump has already struck trade deals with two of Manila's regional partners, Vietnam and Indonesia, driving tough bargains in trade talks even with close allies that Washington needs to keep onside in its strategic rivalry with China. "I expect our discussions to focus on security and defence, of course, but also on trade," Marcos said in a speech before leaving Manila. "We will see how much progress we can make when it comes to the negotiations with the United States concerning the changes that we would like to institute to alleviate the effects of a very severe tariff schedule on the Philippines." The United States had a deficit of nearly US$5 billion with the Philippines last year on bilateral goods trade of US$23.5 billion. Trump this month raised the threatened "reciprocal" tariffs on imports from the Philippines to 20 per cent from 17 per cent threatened in April. Although US allies in Asia such as Japan and South Korea have yet to strike trade deals with Trump, Gregory Poling, a Southeast Asia expert at 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. "I wouldn't be surprised to see an announcement of a deal with the Philippines at a lower rate than those two," Poling said. Marcos, who arrived in Washington on Sunday, is due to hold talks with Secretary of State Marco Rubio and Defense Secretary Pete Hegseth on Monday before meeting Trump at the White House on Tuesday. He will also meet US business leaders investing in the Philippines during his trip. "MUTUALLY BENEFICIAL" DEAL Philippine officials say Marcos' focus will be on economic cooperation and Manila's concerns about the tariffs. They say he will stress that Manila must become economically stronger if it is to serve as a truly robust partner for the US in the Indo-Pacific. Philippine Assistant Foreign Secretary Raquel Solano said last week that trade officials have been working with US counterparts seeking to seal a "mutually acceptable and mutually beneficial" deal for both countries. Trump and Marcos will also discuss defence and security, and Solano said the Philippine president would be looking to further strengthen the longstanding defence alliance. With the Philippines facing intense pressure from China in the contested South China Sea, Marcos has pivoted closer to the US, expanding its access to Philippine military bases amid China's threats towards Taiwan, the democratically governed island claimed by Beijing. The United States and the Philippines have a seven-decade-old mutual defence treaty and hold dozens of annual exercises, which have included training with US Typhon missile system, and more recently with the NMESIS anti-ship missile system, angering China. Manila and the US have closely aligned their views on China, Poling said, and it is notable that Rubio and Hegseth made sure their Philippine counterparts were the first Southeast Asian officials they met.
Bloomberg
4 days ago
- Business
- Bloomberg
Philippines' Marcos to Discuss Tariff, Meet Trump in US Visit
Philippine President Ferdinand Marcos Jr. will discuss the planned US tariff on the Southeast Asian nation during his trip to Washington that includes a meeting with President Donald Trump. Marcos will seek to bolster US-Philippine security and economic ties during the July 20-22 visit, Foreign Affairs Assistant Secretary Raquel Solano said at a briefing on Friday.
CNA
11-07-2025
- Business
- CNA
Philippines' president to discuss tariffs in Trump meeting this month, top diplomat says
KUALA LUMPUR: Philippine President Ferdinand Marcos Jr will meet US President Donald Trump in Washington this month, Manila's top diplomat said on Friday (Jul 11), with an increased trade tariff on one of Washington's top defence allies set to be discussed. Philippine foreign minister Theresa Lazaro, in an interview during a regional summit in Malaysia, confirmed the arrangement of what will be the first meeting between Trump and Marcos, whose nations have stepped up military engagements significantly of late. 'The issue of tariffs will be discussed among others … it's also very important to us. We have already sent negotiators to discuss this issue," Lazaro told Reuters on Friday. A White House official earlier told Reuters the meeting was set for Jul 22, while the office of Marcos said he will visit the US from Jul 20 to 22. The Philippines is concerned over a 20 per cent tariff rate announced this week by Trump, which was increased from 17 per cent threatened in April, without explanation. The US goods trade deficit with the Philippines widened to US$4.9 billion in 2024, a 21.8 per cent increase from 2023. The Philippines has said it remains committed to continuing negotiations, and a delegation will travel to Washington next week to pursue a trade deal. Relations between Manila and Washington have soared under Marcos, who has pivoted closer to the US and allowed American soldiers to expand their presence at Philippine facilities. The former US colony is central to Washington's efforts to counter China's assertiveness in the South China Sea and towards Taiwan. The United States and the Philippines have a seven-decade-old mutual defence treaty and hold dozens of annual exercises, which have included testing of a US Typhon missile system, angering China. Marcos' overtures to the US and defiant stand on China have riled Beijing, which has repeatedly accused Manila and Washington of trying to stoke tensions. Lazaro said negotiations on a code of conduct between the Association of Southeast Asian Nations and China were dragging out, and the Philippines would push for talks to finish when it becomes ASEAN chair next year. She said the code must be legally binding. The South China Sea remains a source of friction between China and the Philippines, Vietnam and Malaysia, with ties between Beijing and Manila at their worst in years amid frequent confrontations that have sparked concerns they could spiral into conflict. "It is our view that it should not be taking so long. It is important that we have to deliver," she said. "So it is incumbent upon all of us, and actually China, to ... endeavour to finish the negotiations, the discussions. And that's supposed to be in 2026."
