Pres. Trump is posting on Truth Social, the trade deal with Philippines.
The Philippines would open up the market or United States with zero tariffsThe US would impose a 19% tariff on all Philippine importsTrump announces that they will work together militarily as well.
The baseline tariffs are similar to Vietnam except one percentage point less. Vietnam had a tariff rate of 20%.
Here is the full post.
In 2024, the United States recorded total exports to the Philippines of $9.3 billion, while imports from the Philippines were $14.2 billion, resulting in a goods trade deficit of approximately $4.9 billion.
In comparison, Vietnam has a much larger trade deficit with the US:
U.S. Exports to Vietnam: $13.0 billion
U.S. Imports from Vietnam: $136.5 billion
Trade Deficit: –$123.5 billion
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