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President Donald Trump, President Donald Trump, sent to Truth Social on Tuesday.
According to Trump’s conclusion agreement, imports from the Philippines will be subject to 19 % tariff. Meanwhile, US exports will have full access to the market and will face “zero tariffs”.
Earlier this month, Trump said imports from the Philippines were supposed to incur Tariff 20 % from August 1st. Trump initially announced a lower rate of 17 % in April, which was paused later.
“We do a lot of business with them [the Philippines]This is a lot of income for both groups. ”
Since its release, the White House has not yet disclosed the official documentation of the agreement.
However, Ferdinand Marcus Jr., President of the Philippines, said in a media justification that US cars were the main part of the deal.
“We will open that market and we will no longer pay its tariffs,” Marcus said.
The proposed treaty is also aimed at enhancing the import of soybean and wheat products as well as drugs, Marcus said.
“We managed to reduce the 20 % tariff rate for the Philippines to 19 people,” Marcus said. “Now, 1 % may look a very small rating, but when you put it in real conditions, a significant achievement is.”
In 2024, the United States had $ 5 billion in business with the Philippines, which made up 0.4 % of US trade, based on US international trade information. Meanwhile, the United States exported about $ 9 billion to the Philippines last year.
The tariff trading announcement was one of the several Trump administrations this week. The White House unveiled the framework of the trade agreement with Indonesia on Tuesday, while Trump said the United States had reached an agreement with Japan on Tuesday evening. Japanese officials later confirmed specific details of the treaty, such as 15 % of tasks about imports from the country, including for cars and Automotive parts
Previously, the United States and the United Kingdom were finalizing specific terms of the transaction, while negotiations for the treaty with China continued. Trump also said earlier this month that the United States had traded with Vietnam, but it has not confirmed through official channels.
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