Philippines’ Marcos says US trade deal a ‘significant achievement’
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Philippine President Ferdinand Marcos Jr (right) said his country’s trade deal with the United States was a “significant achievement.”
PHOTO: REUTERS
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MANILA - Philippine President Ferdinand Marcos Jr said his country’s trade deal with the United States, which resulted in a tariff rate of 19 per cent on the country’s exports to America,
“One per cent might seem like a very small concession. However, when you put it in real terms, it is a significant achievement,” Mr Marcos told reporters while on an official visit to Washington.
The new tariff rate is just below the 20 per cent threatened by Mr Trump earlier this month, but still above the 17 per cent rate set in April when Mr Trump announced what he called “reciprocal tariff” rates for dozens of countries.
It matches the 19 per cent rate announced for Indonesia and is just below Vietnam’s 20 per cent rate. REUTERS
