Summary
The United States and the Philippines have agreed on a new trade deal. Under this deal, the US will charge a 19 percent tariff on goods from the Philippines while US goods will face no tariffs when exported to the Philippines. The announcement followed a meeting between US President Donald Trump and Philippine President Ferdinand Marcos Jr.
Key Facts
- The new trade deal imposes a 19 percent tariff on Philippine goods exported to the US.
- US goods exported to the Philippines will not have any tariffs.
- President Trump announced the agreement after meeting Philippine President Marcos in Washington.
- The US had a $5 billion trade deficit with the Philippines last year.
- Trump mentioned the importance of the military relationship between the US and the Philippines.
- President Marcos is the first Southeast Asian leader to meet Trump during his second term.
- Protesters near the White House expressed concerns about issues affecting Filipino Americans and migrant workers.
- The Philippines has shifted its stance and is not as aligned with China since Trump’s election.
