Trump Lowers Philippines Tariff

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President Donald Trump said the US reached an agreement with the Philippines setting a 19% tariff on the country’s exports, the latest pact ahead of an Aug. 1 deadline.

Trump initially imposed a 17% rate for the US ally in April, which was paused to allow time for negotiations. He then threatened earlier this month to raise the charge to 20%.

Trump announced the deal on social media Tuesday after meeting with Philippines President Ferdinand Marcos Jr. The minor reduction underscored the difficulty foreign leaders are facing as they attempt to convince the US president to grant relief from his country-based tariffs.

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