00:00The United States and the Philippines have reached a new trade agreement that will see a 19% tariff imposed on goods imported from the Philippines,
00:08while American export to the Southeast Asian nation will remain exempt from tariffs.
00:13The announcement was made by U.S. President Donald Trump following a meeting with Philippine President Ferdinand Marcos Jr. at the White House on Tuesday.
00:24However, it remains unclear whether a formal agreement was signed as few details have been released.
00:30Under the agreement, the 19% tariff will be paid by American businesses importing Philippine goods.
00:35The same terms apply to a similar deal reached with Indonesia, which was announced shortly after the Philippine agreement.
00:42The Philippines is the fifth country to enter into such an agreement with the U.S. in recent months.
00:47Earlier this month, Trump announced a deal with Vietnam, although no further details have been disclosed.
00:52The trade deals are part of Trump's broader reciprocal trade strategy, which initially aimed to secure numerous agreements.
00:58However, recent statements from Trump and the administration's officials suggest a shift in focus toward the quality of deals rather than quantity.
01:07Trump has also warned of sweeping tariff increases, including rates of up to 50% on trading partners and a 50% copper import tax scheduled to take effect next week.
01:17He has set an August 1 deadline for countries to finalize trade agreements or face higher tariffs.
01:23That's the last thing is possible to have.
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