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Trump Claims Trade Deal with Philippines Amidst Ongoing Tariff tensions
President Donald Trump announced on social media that he had concluded a trade deal with the Philippines following a “lovely visit,” tho details of the agreement where not immediately provided.This advancement comes as the U.S. administration continues to pursue its global tariff strategy, with new, higher duties slated to take effect on August 1st.The Philippines has not yet officially confirmed the reported trade deal. If implemented as previously threatened, the Philippines could face a tax rate exceeding the 17% tariff Trump had initially proposed in April. The BBC has reached out to the Philippine Embassy in Washington D.C. for comment.
Trump’s stated objective for imposing tariffs is to compel other nations to abandon trade policies he deems disadvantageous to the United States.This approach has spurred numerous trade discussions globally. while trump has announced agreements with countries including the UK, China, and Indonesia, these deals have largely maintained existing high tariffs, with several key aspects remaining unconfirmed or unresolved by both parties.
With the looming August 1st deadline for new tariffs, major U.S. trading partners such as the European Union and Canada are in a state of uncertainty. European officials are reportedly exploring retaliatory measures as the prospects for a comprehensive agreement diminish.
In Canada, Prime Minister Mark Carney acknowledged that “complex negotiations” are ongoing but offered no firm commitment regarding a deal by next week’s deadline. He stated that while American objectives are varied and have evolved, Canada will not accept an unfavorable agreement, emphasizing that the goal is not to secure a deal at any cost.
Trump’s initial tariff proposals in April, which threatened the highest U.S. duties since the early 1900s, caused important financial market volatility. He subsequently paused some of the more aggressive measures, maintaining a universal 10% tariff on most goods and imposing higher duties on specific items like cars, copper, steel, and aluminum.However, in recent weeks, as markets have stabilized and the U.S. economy has remained robust, trump has revived plans for increased tariffs. He has sent letters to various countries outlining new duties set to be implemented on August 1st. A letter to Philippine leaders earlier this month indicated a 20% tariff on their goods, an increase from the 17% rate previously threatened.
The Philippines represents a relatively modest trading partner for the U.S., exporting approximately $14.2 billion worth of goods last year. These exports included automotive parts, electrical machinery, textiles, and coconut oil.
Meanwhile, the financial impact of these tariffs is mounting for corporations. General Motors reported that tariffs had cost the company over $1 billion in a three-month period. This follows a similar disclosure from Stellantis, the manufacturer of Jeep, which stated that the measures had resulted in costs of €300 million (approximately £259.6 million or $349.2 million).
