PH, US reach new trade agreement

Philippines gets fresh P3-B aid

- By ARGYLL CYRUS GEDUCOS and RAYMUND ANTONIO

President Marcos and US President Donald Trump reaffirmed the “ironclad” relationship between Manila and Washington, stressing that the two allied countries’ mutual defense alliance has been restored even as the two leaders completed their trade negotiations following their White House meeting on Tuesday, July 22.

In a post on Truth Social, President Trump described President Marcos’ visit as a “beautiful” one as both leaders concluded the trade deal, with the Philippines paying a 19-percent tariff, down from 20 percent.

“It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff,” he wrote. “It was a great honor to be with the President. He is highly respected in his country, as he should be. He is also a very good, and tough negotiator.”

According to Communications Undersecretary Claire Castro, President Marcos welcomed the one-percent decrease in the tariff on Philippine exports to the US.

"The President said the onepercent decrease in our tariff rate is a significant achievement," she said on Wednesday, July 23. "Because of this, the country will strengthen our measures to make Philippine exports more competitive." But Castro said the 19-percent tariff does not have a significant effect on the Philippines as the country is not dependent on US exports.

"That means only 16 percent of our exports go to the US, and 67 percent of those are from electronics, which are part of the Law on Zero Tariffs under global trade agreements," she explained. "President Marcos also confirmed the zero market and zero tariff agreements between the Philippines and the US on certain markets only."