Trump announces trade agreement with the Philippines and terms of deal with Indonesia
CNN
President Donald Trump said Tuesday he and President Ferdinand Marcos Jr. of the Philippines have reached a trade agreement. Shortly after, he also revealed more detailed terms of an agreement with Indonesia.
President Donald Trump said Tuesday he and President Ferdinand Marcos Jr. of the Philippines have reached a trade agreement. Shortly after, he also revealed more detailed terms of an agreement with Indonesia. Both agreements call for 19% tariffs on goods the US imports from the two countries, paid by American businesses, while American goods shipped there won’t be charged a tariff. Trump’s announcement of the agreement with the Philippines came after he met with Marcos at the White House on Tuesday. “It was a beautiful visit, and we concluded our Trade Deal,” Trump wrote on his social media platform. However, it was not immediately apparent if the two leaders formally signed anything. Similar to other recent trade announcements, few details were initially revealed. Marcos is the first Southeast Asian leader to meet Trump in his second term, and the agreement with the Philippines marks the fifth struck over the past three months, as countries try to negotiate lower tariffs before the August 1 deadline. No new details have come to light on the agreement Trump announced with Vietnam earlier this month. Administration officials have not revealed why that’s the case. Trump and administration officials promised dozens more trade deals in April after they paused “reciprocal” tariffs. More recently, they’ve changed their tone, stressing that Trump is focusing on the quality of deals rather than quantity.
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