The United States and the Philippines have reached a trade agreement!
On Tuesday, the President of the United States stated that he and President Marcos Jr. of the Philippines have reached a trade agreement, under which the United States will impose an import tax of 19% on goods imported from the Philippines, paid by American companies, while goods exported from the United States to the Philippines will not be subject to import taxes.
After meeting with President Marcos Jr. at the White House on Tuesday, the President announced the agreement with the Philippines, "This was a beautiful visit, and we have reached a trade agreement."
Different from other countries that have reached trade agreements with the United States, which have reduced tariff rates, despite the Philippines being a traditional ally of the United States and a strategic vassal in Asia, its agreed tariff rate is almost the same as the tariff rate the United States threatened to implement. In April, the United States threatened to impose a 17% tariff on goods from the Philippines, and later suspended it, threatening to impose a 20% tariff from August 1st. This time, a 19% agreement was reached. If the information released by the President is true, it means that President Marcos Jr. went to the United States not to negotiate, but to accept the result without resistance.
Original: https://www.toutiao.com/article/1838381333536768/
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