US-Philippines trade talks yield modest tariff shift after Trump-Marcos meeting

23/7/2025 6:26

U.S. President Donald Trump on Tuesday welcomed Philippine President Ferdinand Marcos Jr. to the White House, saying the two countries were close to finalizing a trade agreement.



"We're going to talk about trade today and we are very close to finishing a trade deal, a big trade deal actually," Trump told reporters at the start of his meeting with the Philippine leader.



Marcos is the first Southeast Asian leader to meet Trump in his second term. Trump has already struck trade deals with two of Manila's regional partners, Vietnam and Indonesia, but had been driving tough bargains in talks even with close allies Washington needs to keep onside in its strategic rivalry with

China.



The United States had a deficit of nearly $5 billion with the Philippines last year on bilateral goods trade of $23.5 billion. Trump this month raised the threatened "reciprocal" tariffs on Philippine imports to 20% from 17% threatened in April.