US strikes tariff deals with the Philippines, Japan, and Indonesia

Under these agreements, a 19% tariff will be applied to imported goods from the Philippines and Indonesia to the US, while a 15% tariff will be placed on Japanese goods.

US President Donald Trump has announced tariff deals with the Philippines, Japan, and Indonesia, according to various media reports. 

Under these agreements, a 19% tariff will be applied to imported goods from the Philippines and Indonesia to the US, while a 15% tariff will be placed on Japanese goods.

The deal with the Philippines was announced after Trump’s meeting with Philippines' President Ferdinand Marcos Jr. at the White House on Tuesday (22 July), which Trump called “a beautiful visit”.

“We concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19 percent Tariff,” Trump wrote on his social media platform.

He also described Marcos as a “very good and tough negotiator”.

On the other hand, during a reception with Republican members of Congress on Tuesday night, Trump stated that “the largest deal in history with Japan” has been signed, which will reduce the current 25% tariff on Japanese goods exported to the US to 15%.

The US President shared on his social media that Japan will invest US$550bn into the US, which will allow the US to receive 90% of the profits.

“This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,” Trump wrote.

“Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.”

Also on Tuesday, more details about the tariff agreement between the US and Indonesia were revealed in a joint statement released by the two countries.

According to the statement, Indonesia will eliminate 99% of its tariff barriers on a wide range of US industrial, food, and agricultural products exported to Indonesia.

In exchange, the US will reduce its reciprocal tariffs on originating goods of Indonesia to 19%.

“It is my Great Honor to announce our Trade Agreement with the Republic of Indonesia, as represented by their Highly Respected President, Prabowo Subianto,” Trump said in a social media post.