Trump announces US-Philippines trade deal: Tariffs to drop to 19%, 'open market' secured
US President Donald Trump has announced a large trade agreement with the Philippines with a view to reducing tariff rates and increasing market access. As part of the agreement, tariff rates on selected goods will be reduced to 19%and open new financial opportunities for both countries. Trump exposed the agreement as an important step towards promoting strong economic conditions and ensuring fair trade practice. The agreement is expected to benefit US exporters and Philippine industries by reducing trade barriers and encouraging investments. This development can reopen bilateral trading conditions, which are determined to gain benefits with extended market access, export and increased cooperation with both sides. Trump was announced in the midst of tram -friendly trading conditions and their politically occupied for a strong economic history.
The Key points
- Customs rates on selected goods will fall by 19%.
- The agreement aims to promote US exports.
- It is protecting more and more market access in the Philippines.
- The amount of trade in both countries is expected to increase.
- The agreement promotes financial cooperation and fair practice.
- US companies are likely to benefit from low obstacles.
- Trump revealed the deal as a great achievement.
- Philippine industries can see more foreign investments.
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