Critics warn the new rate, a modest shift from the previous 20 per cent, undermines fair trade and puts Philippine industries at a competitive disadvantage

United States and European officials signaled progress in tariff talks Wednesday, after US President Donald Trump announced a pact with Japan and China said its vice premier would attend bilateral negotiations next week.

President Donald Trump says the United States and the Philippines are “very close to finishing” a big trade deal as he meets with Philippine President Ferdinand Marcos Jr. at the White House.

President Ferdinand Marcos secures a one-percent US tariff cut and defence pledges from US President Donald Trump, but analysts say the deal highlights Manila’s limited leverage and need to diversify.

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A 19-percent tariff on Philippine exports to the United States is expected to have minimal impact on economic growth, but potential trade diversion is a concern, according to the Department of Economy,

As the August 1st tariff deadline approaches, President Trump said on social media that the U.S. and the Philippines have reached a trade deal. It comes as the impact of tariffs already in place are becoming more clear as automakers report quarterly earnings.