Washington (EFE).- United States President Donald Trump announced on Tuesday that he reached an agreement with the Philippines whereby exports from the Philippines to the US will be subject to a tariff of 19%, one percentage point lower than the rate that would be applied from Aug. 1.
The message was posted shortly after the visit of Philippine President Ferdinand Marcos Jr. to the White House on Trump’s Truth Social account.
“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,” said the Republican leader.
Trump noted that his Philippine counterpart is “highly respected” in his country, and also called him a “tough negotiator.”
During the meeting in the Oval Office, the American president said that they were close to finalizing a significant tariff agreement.
On Jul. 9, Trump threatened to impose 20% tariffs on Philippine goods from Aug. 1 unless a deal was reached by Tuesday.
According to the Office of the US Trade Representative in the Philippines, the value of goods traded between the US and the Asian archipelago was approximately 23.5 billion dollars in 2024.
US exports of goods to the Philippines in 2024 totalled 9.3 billion dollars, a 0.4% increase on 2023, while imports of Philippine goods reached 14.2 billion, a 6.9% increase.
Washington noted that the US goods trade deficit with the Philippines was 4.9 billion dollars in 2024, a 21.8% year-over-year increase.
Marcos Jr. travelled to Washington with two clear objectives: to reduce US tariffs on Philippine products and to secure funding to bolster his armed forces, which are engaged in territorial disputes with Beijing in the South China Sea.
“The modernization of the Philippine Army responds to the circumstances surrounding the situation in the South China Sea. What we previously called Asia-Pacific has now expanded to the Indo-Pacific,” said the Philippine president during his meeting with Trump.
Marcos Jr. noted that the US is helping the Philippines to become more self-sufficient in terms of defense, “regardless of future circumstances.”
“The reason we have encouraged greater interaction with the US is that it is necessary. This applies not only to the US, but also to all our neighbours and even countries as far away as Scandinavia and the European Union,” the Philippine president added. EFE
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