President Trump reveals trade deal with the Philippines after Oval Office meeting with President Ferdinand Marcos Jr., including zero tariffs for the U.S.

The trade deal agreed upon by the Philippines and the United States seems to be tilting in favor of the Philippine semiconductor and electronics industry as it would enjoy lower prices for imported equipment and some raw materials while the garments sector says it might be an uphill battle

President Donald Trump announced new trade deals with Japan and the Philippines this week, bringing the total number of deals to five. However, several major trading partners still haven’t reached trade agreements with the U.S. ahead of the Aug. 1 deadlines.

U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said on Tuesday as President Donald Trump announced a deal with the Philippines and released terms of a previous deal with Indonesia.

WASHINGTON (Reuters) -U.S. President Donald Trump on Tuesday welcomed Philippine President Ferdinand Marcos Jr. to the White House, saying the two countries were close to finalizing a trade agreement.

President Ferdinand R. Marcos Jr. arrived in Washington, D.C. early Monday (Manila time) for a three-day official visit aimed at deepening the Philippines’ strategic partnership with the United States,