WASHINGTON (NEXSTAR) – President Donald Trump announced a new trade deal with the Philippines on Tuesday after meeting with Philippine President Ferdinand Marcos Jr. at the White House. However, dozens of other countries are facing new tariffs starting August 1st.
Ahead of their closed-door talks President Trump had planned to impose a 20% tariff on Filipino goods but teased that negotiations were going well.
“We’re going to talk about trade today. And we’re very close to finishing a trade deal, big trade deal actually,” Trump said.
After that meeting the president announced on Truth Social that they did reach a deal, saying the Philippines will open their market to U.S. goods with no tariffs and the Philippines will pay a 19% tariff.
However, the U.S. has not reached trade deals with dozens of other countries, including some of our top trading partners. President Trump is still threatening a 35% tariff on Canada and 30% tariffs on Mexico and the European Union starting August 1st.
Democratic House Minority Leader Hakeem Jeffries warns that will have real consequences for American consumers.
“The reckless Trump tariffs. Which are going to increase costs on everyday Americans by thousands of dollars a year,” Jeffries said.
The White House says the administration is actively negotiating other trade deals and is promising more announcements soon.
“The trade team and the president himself continue to be very engaged with countries around the world when it comes to our trade agreements.” White House press secretary Karoline Leavitt said.
Source: Fox 8 News Channel