US-Philippines Trade Agreement Announced

President Donald Trump announced a new trade deal with the Philippines, stating that "The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff."

The agreement also includes plans for the two countries to work together militarily.

“This has evolved into as important a relationship as is possible to have," said Philippine President Ferdinand Marcos Jr.

This deal comes on the heels of President Trump's pursuit of trade agreements with countries around the world. In April, he announced sweeping reciprocal tariffs but paused implementation while negotiations took place. He recently set a new Aug. 1 deadline for countries to reach agreements before the tariffs go into effect.

The Philippines' new 19% tariff is lower than those proposed for some other countries. Notably, President Trump has threatened to impose 25% duties on imports from Japan and South Korea, warning that rates could rise further if they respond with their own tariffs.