PH, US trade deal outcome by August 1

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.

Following President Ferdinand Marcos Jr.'s meeting with US President Donald Trump on July 22, the US has agreed to a 1-percentage point decrease in tariffs on Philippine exports, from 20% to 19%.

However, Romualdez clarified that duties may still be imposed on other US products entering the Philippines as negotiations are ongoing.

Special Assistant to the President for Investment and Economic Affairs Frederick Go is currently in discussions with the US Trade Representative to determine which products can be exported to the Philippines duty-free.

Romualdez emphasized the need to protect Philippine agricultural products and farmers, indicating that these may not be included in any duty-free concessions.

Trade Undersecretary Allan Gepty is negotiating with his US counterpart to further lower the tariff imposed on the Philippines, though details remain under a non-disclosure agreement.

Economist Joey Salceda had previously clarified that an announced tariff deal was not yet finalized and that President Marcos was diplomatically handling the situation.

Further talks aim to secure exemptions for key Philippine exports like textiles and electronics, and the zero-tariff offer for the US may also be subject to further negotiation.