Trump announces trade deal after meeting Philippine president

Washington: US President Donald Trump met his Philippine counterpart, Ferdinand Marcos Jr., at the White House over trade and bilateral relations.

“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 per cent Tariff,” said Trump in a post on Truth Social, his social media platform.

“In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!” he added.

In a recent letter to Marcos, Trump said the United States would raise tariffs on Philippine goods to 20 per cent starting August 1, Xinhua news agency reported.

In his Oval Office meeting, Trump said the US and the Philippines were “very close” to reaching a deal, calling Marcos a tough negotiator.

“We’re very close to finishing a trade deal, big trade deal,” Trump said, seated alongside Marcos. “And we do a lot of business with you, so a lot of income coming in for both groups.”

The White House has not released more details about the trade deal with the Philippines.

Marcos said their bilateral ties have “evolved into as important a relationship as is possible to have.”

August 1 is the Trump administration’s current deadline for countries to reach trade agreements with the US or face higher tariff rates on goods sent to the US.

–IANS