Philippines to renegotiate U.S. tariff rate to around 15%

AWANI

The Philippines hopes to lower its recently agreed 19% tariff rate with the U.S. to 15%, the minimum set by U.S. President Donald Trump, according to Ambassador Jose Manuel Romualdez.

Transcript

00:00The Philippines is hoping to revise the 90% tariff rate agreed with Washington earlier this week,

00:07says Ambassador José Manuel Ramaldez.

00:09In an interview with CNA, he says U.S. President Donald Trump has set 15% as the minimum for any country

00:15and Manila hopes to bring its rate down to that level.

00:20The push came as the August 1st negotiation deadline approaches.

00:24The 19% tariff is just below the 20% threatened by Trump earlier this month,

00:30but higher than the 17% he proposed in April.

00:34This latest U.S.-Philippines trade was announced on Tuesday following a meeting at the White House

00:40between Trump and Philippine President Ferdinand Marcos Jr.

00:43Trump claimed that the Philippines will impose zero tariffs on American products,

00:48but Marcos Jr. later clarified this applies only to certain products.

00:52For now, Ramaldez confirmed American automobiles will enter the Philippines tariff-free,

00:58though full details of the agreement have yet to be disclosed.

01:01The U.S. recorded a nearly US$5 billion trade deficit with the Philippines last year,

01:07from US$23.5 billion in bilateral goods trade.

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