US President Donald Trump announced that a 19% tariff will be imposed on goods from the Philippines, following trade talks prompted by Filipino President Ferdinand Marcos Jr.'s recent visit to the White House.
The new tariff is slightly lower than the 20% rate initially announced on July 9. As part of the deal, Trump stated that U.S. exports will face no import taxes in the Philippines.
The White House also revealed new details of a finalized trade agreement with Indonesia, under which a 19% tariff will apply to Indonesian goods.
Additionally, a 40% tariff will be imposed on any goods that are "transshipped" through third countries. Officials added that no tariffs would apply to "99%" of U.S. imports. The new tariff on Indonesia is lower than the previously proposed rate of 32%.
Source: Trading Economics
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