US, Philippines Finalize New Trade Deal
(MENAFN) Following a meeting at the White House on Tuesday between US President Donald Trump and Philippine President Ferdinand Marcos, a fresh trade agreement between the United States and the Philippines was unveiled.
“It was a beautiful visit, and 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 shared on Truth Social.
The United States had previously declared a 20% tariff on exports from the Philippines, which was expected to be implemented on August 1.
However, this new deal appears to revise those terms, reducing the expected tariff.
Trump also stated that both nations have committed to continuing their joint military collaboration.
The Philippines, a dependable defense partner of the US in the Asia-Pacific region, accommodates American troops and grants access to its military facilities.
Since 1951, the two countries have upheld a bilateral defense pact.
Nonetheless, Chinese Foreign Ministry spokesperson Guo Jiakun cautioned that such cooperation should not be directed against or cause harm to any external party, alluding to rising frictions in the South China Sea.
Maritime tensions between China and the Philippines have escalated due to frequent interactions between vessels in the contested South China Sea, a region rich in resources where both nations assert territorial claims.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
