Trump says Philippine tariff set at 19% after earlier threats to raise it to 17%, then 20%
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The news: US President Donald Trump said his administration reached a trade deal with the Philippines, reducing the tariff rate on the Asian country’s exports from 20% to 19%, after meeting with President Ferdinand Marcos Jr in Washington.
He announced the deal shortly after their Oval Office meeting, calling it part of broader cooperation, including military ties.
In a post on his social media site, Trump said the Philippines will impose zero tariffs on US goods.
Earlier, Trump also told reporters in the Oval Office that his administration is considering removing taxes on capital gains on home sales.
"If the Fed would lower the rates, we wouldn't even have to do that," Trump said. "But we are thinking about no tax on capital gains on houses."
The context: The agreement comes after Trump in April announced a 17% tariff rate on the Philippines as part of his so-called Liberation Day tariffs. That rate was then increased it to 20% on earlier this month, if a deal was not made by the 1 August deadline.
The sources: President Trump, White House
