President Donald Trump has announced a new trade agreement with the Philippines following a meeting with President Ferdinand Marcos Jr. at the White House.
While Manila has secured a deal, many other countries are bracing for new U.S. tariffs set to take effect on 1 August.
Before the talks, Trump had threatened to impose a 20% tariff on Filipino exports. However, after what he called a “very close” and productive negotiation, he confirmed on Truth Social that a deal had been finalised. Under the agreement, the Philippines will remove tariffs on U.S. goods, while Filipino exports to the U.S. will face a 19% tariff.
But the breakthrough comes amid broader trade tensions. The U.S. has yet to reach agreements with dozens of countries. Trump is still threatening tariffs of 35% on Canada and 30% on both Mexico and the European Union if no deals are struck by the start of August.
The White House Press Secretary Karoline Leavitt said the administration is actively working on more deals and expects to announce additional agreements soon.
“The president and our trade team remain deeply engaged with countries around the world,” Leavitt said.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for the 12th of August, covering the latest developments you need to know.
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