According to Trump, the Philippines will open its markets to US goods with zero tariffs, while Philippine exports to the U.S. will be subject to a 19% tariff. The deal also includes an agreement to expand military cooperation between the two countries.
“President Ferdinand Marcos, of the Philippines, is just leaving the White House, with all of his many Representatives. 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. 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!”
The agreement with the Philippines comes as negotiations with other major trading blocs have reached impasses. Talks between the US and India appear to be going nowhere ahead of the August 1 deadline, with disagreements over key agricultural and dairy issues still unresolved, according to recent reporting.
Efforts to reach a broader trade deal with the European Union have also not progressed in any meaningful way.
EU member states are reportedly preparing retaliatory measures targeting American firms, as discussions with the US become more strained. Officials from the bloc are expected to meet this week to finalize a potential response strategy.
A German official was quoted as saying that while there is still room for negotiation, but added “If they want war, they will get war,” according to the Wall Street Journal.
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