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 PHILIPPINE government is hopeful that it can still negotiate for a lower US tariff rate ahead of the Aug. 1 deadline as President Ferdinand R. Marcos, Jr. heads to the US next week.
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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%."
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PhilStar Global on MSNTraders to keep track of tariff talksStock investors are pinning their hopes on US President Donald Trump pulling out another reverse card, this time for his tariff policies on the Philippines, to push the local market back on the win track.
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 is planning to negotiate with Washington to lower tariffs after the United States moved to impose higher 20% duties on goods imported from Manila, its ambassador to the United States said on Thursday.
The Philippines and the US have boosted mutual defence engagements to step up deterrence against China’s increasing aggression in Asia.
The global tariffs announced by US President Donald Trump in April triggered “strong” investor interest in the Philippines, which was threatened with a lower levy than most neighbors, a top trade official said.