Latest news with #tariff cut
South China Morning Post
6 days ago
- Business
- South China Morning Post
Is Philippines getting short end of US tariff stick? 19% rate slammed as ‘worst insult'
A new trade deal hailed by Philippine President Ferdinand Marcos Jnr as a 'significant achievement' has been slammed by critics at home as the 'worst insult' after Manila secured only a one percentage point tariff cut from Washington while granting American goods duty-free access. Marcos, the first Southeast Asian leader to be hosted by President Donald Trump since his return to the White House, visited the US capital from Sunday to Tuesday for a series of talks centred on trade and security. The trip came as Manila sought to defuse tensions over Trump's sweeping 'Liberation Day' tariff policy, which had initially imposed a 17 per cent duty on Philippine exports in April before increasing it to 20 per cent earlier this month. The outcome – a 19 per cent tariff rate on Philippine goods alongside zero tariffs for US exports – was unveiled by Trump on his Truth Social account after holding a joint press conference at the White House. Marcos defended the result, insisting the concession was more significant than it appeared.
South China Morning Post
6 days ago
- Business
- South China Morning Post
Is Philippines getting short end of US tariff stick? 19% rate slammed as ‘worst insult'
A new trade deal hailed by Philippine President Ferdinand Marcos Jnr as a 'significant achievement' has been slammed by critics at home as the 'worst insult' after Manila secured only a one percentage point tariff cut from Washington while granting American goods duty-free access. Marcos, the first Southeast Asian leader to be hosted by President Donald Trump since his return to the White House, visited the US capital from Sunday to Tuesday for a series of talks centred on trade and security. The trip came as Manila sought to defuse tensions over Trump's sweeping 'Liberation Day' tariff policy, which had initially imposed a 17 per cent duty on Philippine exports in April before increasing it to 20 per cent earlier this month. The outcome – a 19 per cent tariff rate on Philippine goods alongside zero tariffs for US exports – was unveiled by Trump on his Truth Social account after holding a joint press conference at the White House. Marcos defended the result, insisting the concession was more significant than it appeared.
