Trump, Philippines and tariffs
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The Philippines is concerned about the United States' decision to impose 20% tariffs on Philippine exports but will continue to negotiate, its economic affairs minister said on Thursday.
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The new tariff rates threatened in the letters Trump shared Wednesday are similar to those he announced on what the White House dubbed “Liberation Day” in early April.
India could pose stiff competition to Sri Lanka and the Philippines for nearly a fifth of their exports to the United States as both countries are facing high import duties under new US trade arrangement,
NEW YORK/WASHINGTON -- The U.S. will impose a 20% tariff on goods imported from the Philippines starting Aug. 1, President Donald Trump said in a letter revealed Wednesday, in his latest salvo against trade deficits with Southeast Asian nations.
President Donald Trump extended his "Liberation Day" tariff pause and sent letters to trading partners announcing new tariff rates for Aug. 1.
President Trump posted letters to his Truth Social platform Wednesday outlining tariff levels for seven countries. Trump said he would levy 30% tariffs on Libya, Iraq, and Algeria, effective Aug. 1. Moldova and Brunei will get 25% tariffs,
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Philstar.com on MSNTrump sets 20% US tariffs on Philippine goods, says relations not 'reciprocal' in letter to MarcosIn a letter to President Ferdinand Marcos Jr. shared on Trump's Truth Social account, the US president said the Philippines would be hit with a “tariff of only 20%."
The notices bring the total number of countries Trump has hiked tariffs on this week to 21. The higher rates are slated to take effect on August 1.
The Philippine economy is likely to be resilient to higher US levies but faces the risk of lower foreign investments amid the global uncertainty, according to S&P Global Ratings.
The Philippines and the US have boosted mutual defence engagements to step up deterrence against China’s increasing aggression in Asia.