Trump hits Philippines and 6 more countries
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The new tariff rates threatened in the letters Trump shared Wednesday are similar to those he announced on what the White House dubbed “Liberation Day” in early April.
The Philippines is concerned about the United States' decision to impose 20% tariffs on Philippine exports but will continue to negotiate, its economic affairs minister said on Thursday.
India could pose stiff competition to Sri Lanka and the Philippines for nearly a fifth of their exports to the United States as both countries are facing high import duties under new US trade arrangement,
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Philstar.com on MSNTrump sets 20% US tariffs on Philippine goods, says relations not 'reciprocal' in letter to MarcosIn a letter to President Ferdinand Marcos Jr. shared on Trump's Truth Social account, the US president said the Philippines would be hit with a “tariff of only 20%."
President Donald Trump extended his "Liberation Day" tariff pause and sent letters to trading partners announcing new tariff rates for Aug. 1.
The Philippine economy is likely to be resilient to higher US levies but faces the risk of lower foreign investments amid the global uncertainty, according to S&P Global Ratings.
The Philippines and the US have boosted mutual defence engagements to step up deterrence against China’s increasing aggression in Asia.