Trump Announces Philippines Deal at 19% Tariff
After meeting with the president of the Philippines, President Donald Trump posted on social media that he had 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."
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That is one percentage point lower than he threatened in a recent letter, and two percentage points higher than the rate set in April, based on the size of the trade deficit.
As he had in a joint press conference earlier in the day, Trump called President Ferdinand "Bongbong" Marcos Jr. a "tough" negotiator.