The Prague Post - Trump agrees to small reduction in Philippine tariffs

EUR -
AED 4.317442
AFN 82.280732
ALL 97.973412
AMD 451.334081
ANG 2.103685
AOA 1077.878551
ARS 1475.878439
AUD 1.792929
AWG 2.118731
AZN 1.979957
BAM 1.964626
BBD 2.373362
BDT 143.108616
BGN 1.956761
BHD 0.443149
BIF 3452.268306
BMD 1.17544
BND 1.506869
BOB 8.122488
BRL 6.540263
BSD 1.175481
BTN 101.506993
BWP 16.385608
BYN 3.846881
BYR 23038.630847
BZD 2.361207
CAD 1.599418
CDF 3392.321088
CHF 0.931418
CLF 0.029122
CLP 1117.526924
CNY 8.433546
CNH 8.430552
COP 4786.675208
CRC 592.863279
CUC 1.17544
CUP 31.149169
CVE 110.785192
CZK 24.616539
DJF 208.899272
DKK 7.464388
DOP 70.998441
DZD 152.515562
EGP 57.676534
ERN 17.631605
ETB 160.680906
FJD 2.63792
FKP 0.870925
GBP 0.868627
GEL 3.185027
GGP 0.870925
GHS 12.253977
GIP 0.870925
GMD 84.631694
GNF 10174.611298
GTQ 9.021527
GYD 245.924751
HKD 9.226684
HNL 30.972849
HRK 7.535869
HTG 154.25294
HUF 399.002636
IDR 19110.544288
ILS 3.92509
IMP 0.870925
INR 101.489694
IQD 1539.826858
IRR 49500.730439
ISK 142.404282
JEP 0.870925
JMD 188.496771
JOD 0.833415
JPY 172.384229
KES 152.215408
KGS 102.79252
KHR 4722.919448
KMF 496.035863
KPW 1057.932758
KRW 1622.894714
KWD 0.358656
KYD 0.979601
KZT 627.187471
LAK 25348.371527
LBP 105260.683334
LKR 354.575293
LRD 236.263473
LSL 20.711055
LTL 3.47077
LVL 0.711012
LYD 6.37674
MAD 10.613061
MDL 19.935555
MGA 5207.200983
MKD 61.83594
MMK 2467.194078
MNT 4218.982661
MOP 9.504597
MRU 46.805846
MUR 53.603261
MVR 18.104167
MWK 2041.085362
MXN 21.924725
MYR 4.973877
MZN 75.181368
NAD 20.710743
NGN 1799.351869
NIO 43.197145
NOK 11.843796
NPR 162.41159
NZD 1.960064
OMR 0.451962
PAB 1.175481
PEN 4.184212
PGK 4.876608
PHP 66.901956
PKR 334.912319
PLN 4.253742
PYG 8938.889389
QAR 4.279306
RON 5.069083
RSD 117.131444
RUB 92.273012
RWF 1690.870943
SAR 4.409502
SBD 9.738635
SCR 16.614687
SDG 705.849512
SEK 11.184961
SGD 1.503031
SHP 0.923712
SLE 27.035133
SLL 24648.401045
SOS 671.761896
SRD 43.060497
STD 24329.242027
STN 24.919335
SVC 10.284896
SYP 15282.9083
SZL 20.711318
THB 37.825618
TJS 11.284493
TMT 4.125796
TND 3.382327
TOP 2.753001
TRY 47.521584
TTD 7.982861
TWD 34.551951
TZS 3067.899307
UAH 49.103221
UGX 4217.947996
USD 1.17544
UYU 47.463216
UZS 14957.478387
VES 140.423509
VND 30731.887934
VUV 139.605577
WST 3.098618
XAF 658.917007
XAG 0.029912
XAU 0.000343
XCD 3.176687
XCG 2.118517
XDR 0.820291
XOF 660.597177
XPF 119.331742
YER 283.222382
ZAR 20.638675
ZMK 10580.382421
ZMW 27.183113
ZWL 378.491313
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

Trump agrees to small reduction in Philippine tariffs
Trump agrees to small reduction in Philippine tariffs / Photo: ANDREW CABALLERO-REYNOLDS - AFP

Trump agrees to small reduction in Philippine tariffs

US President Donald Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos.

Text size:

Welcoming Marcos to the White House, Trump called him a "very tough negotiator" and said: "We're very close to finishing a trade deal -- a big trade deal, actually."

In a social media post shortly afterward, Trump said that while the Philippines would open up completely to US goods, he would still impose a 19 percent tariff on products from the Southeast Asian country, a major exporter of high-tech items and apparel.

"It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs," Trump wrote on his Truth Social platform.

The Philippines was among two dozen economies confronted by Trump with letters this month warning of 20 percent tariffs on all goods coming into the United States as of August 1.

The 19 percent rate is still above the 17 percent threatened by Trump in April, when he threatened sweeping global tariffs.

The trade rift comes despite increasingly close defense relations between the United States and the Philippines, a former US colony and treaty-bound ally that has seen high tensions with China.

The United States last year, under Trump's predecessor Joe Biden, deployed ground-launched missiles in the Philippines.

Washington has also eyed ammunition manufacturing in the Philippines, despite the closure in 1992 of the US naval base at Subic Bay due to heavy public pressure.

"All of what we consider part of the modernization of the Philippine military is really a response to the circumstances that surround the situation in the South China Sea," Marcos said next to Trump.

Trump devoted much of the appearance to attacks on his Democratic predecessors Biden and Barack Obama.

"We are essentially concerned with the defense of our territory and the exercise of our sovereign rights," said Marcos.

"Our strongest, closest, most reliable ally has always been the United States."

- Trump eyes China visit -

China and the Philippines have engaged in a series of confrontations in the contested waters of the South China Sea, which Beijing claims almost entirely, despite an international ruling that the assertion has no legal basis.

Trump has frequently questioned allies over their military spending, pondering why the United States should defend them in the NATO alliance.

He has voiced fewer doubts about the Philippines. Both Defense Secretary Pete Hegseth and Secretary of State Marco Rubio in meetings with Marcos on Monday vowed to honor the 1951 Mutual Defense Treaty with the Southeast Asian nation.

The Trump administration has identified China as the top US adversary but the US president has also boasted of his relationship with Chinese counterpart Xi Jinping.

Speaking alongside Marcos, Trump said he would "probably" visit China at Xi's invitation "in the not-too-distant future."

He said of Marcos: "I don't mind if he gets along with China very well, because we're getting along with China very well."

Trump added the Philippines had been "maybe tilting toward China" and "we untilted it very, very quickly."

"I just don't think that would have been good for you," Trump said.

The US president credited himself with the shift, although the turn towards Washington began after the 2022 election of Marcos, before Trump returned to power.

Marcos's predecessor Rodrigo Duterte had flirted with closer relations with China and bristled at US criticism over human rights under Biden and Obama.

Duterte is facing charges of crimes against humanity at the International Criminal Court over a sweeping campaign against drug users and dealers that rights groups say killed thousands.

V.Nemec--TPP