Trump proclaims commerce settlement with the Philippines and a 19% tariff

CNN
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President Donald Trump mentioned Tuesday he and President Ferdinand Marcos Jr. of the Philippines have reached a commerce settlement.

The settlement requires 19% tariffs on items coming from the Philippines, whereas American items shipped there received’t be charged a tariff, Trump mentioned in a publish on Reality Social. This comes after the 2 leaders met within the White Home on Tuesday.

“It was a phenomenal go to, and we concluded our Commerce Deal,” Trump wrote. Nonetheless, it was not instantly obvious if the 2 leaders formally signed something. Much like different current commerce settlement bulletins, few particulars have been revealed.

Earlier Tuesday within the Oval Workplace, Trump instructed reporters he was not able to make a commerce cope with Marcos as a result of “he’s negotiating too powerful.” However he mentioned they’d “in all probability comply with one thing.”

The settlement is considerably uncommon on condition that different nations Trump claims to have reached agreements with name for decrease tariff charges in comparison with ranges the president threatened to impose in April. In the meantime, items from the Philippines have been charged a minimal 17% “reciprocal” tariff in April earlier than Trump paused these. Earlier this month, he threatened a 20% tariff on items from the Philippines as of August 1.

The US imported $14 billion value of products from the Philippines final yr, in response to knowledge from the US Commerce Division. High items shipped from there embrace computer systems and different electronics, processed meals, equipment and attire. In the meantime, the US exported $9 billion value of Filipino items. Computer systems and different electronics, in addition to processed meals, have been additionally among the many high items the US shipped there.

Shares have been comparatively unchanged on the information. The Dow was up 115 factors, or 0.26%. The S&P 500 was flat and the tech-heavy Nasdaq was down 0.37%.

It is a creating story and will likely be up to date.