The Daily Tribune
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President Ferdinand Marcos Jr. announced a one-percent reduction in US tariffs on Philippine exports, from 20 percent to 19 percent, following talks with US President Donald Trump.
This tariff cut positions the Philippines as one of the most favored ASEAN economies in trade with the US, surpassed only by Singapore.
This is the first tangible outcome of months of quiet, high-stakes negotiations and signals the operational rollout of the secretive US-Philippines Agreement on Reciprocal Trade.
The broader trade pact was quietly concluded under US Executive Order 14257 last April.
Trade watchers believe this signals the beginning of phased implementation, with the Marcos administration managing expectations and gauging domestic reaction.
The removal of Philippine tariffs on American cars and increased imports of US soy, wheat, and pharmaceuticals are also part of the agreement.
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President Ferdinand Marcos Jr. hailed a one-percentage-point reduction in U.S. tariff rates on Philippine exports to 19 percent, resulting from bilateral talks with U.S. President Donald Trump.
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Philippine business groups are cautiously optimistic as the US announced a 19% tariff rate on Philippine goods, a reduction from a potential 20%, in exchange for the Philippines opening its market to US automobile imports with zero duties.
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Philippine Ambassador to the US Jose Manuel Romualdez stated that the final outcome of the trade negotiations between the Philippines and the US will be known by August 1.
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Filipino lawmakers have expressed concerns over a new trade agreement with the United States, finalized during President Ferdinand Marcos Jr.'s visit.
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Canadian mogul Kevin O'Leary urges the US to offer the Philippines a fairer trade deal, citing current US tariffs on Philippine exports as unbalanced.
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