Trump says Philippines will pay 19% 'reciprocal' tariffs
U.S. President Donald Trump and Philippine President Ferdinand Marcos Jr. hold a bilateral meeting in the Oval Office of the White House in Washington on Tuesday, July 22. UPI-Yonhap
WASHINGTON — U.S. President Donald Trump said Tuesday that the Philippines will pay 19 percent tariffs, a percentage point lower than what was previously announced, noting that the Southeast Asian nation will open its market to the United States.
In a social media post, Trump said that his administration reached a trade deal with the Philippines, after he held a meeting with Philippine President Ferdinand Marcos Jr. at the White House.
"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," Trump wrote on Truth Social.
"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 deal comes as Korea and other countries are striving to strike trade deals with the U.S. before Aug. 1, when Trump's "reciprocal" tariffs, including 25 percent duties on Korea, are set to take effect.