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Investing.com -- The Philippines and the United States have reached a new trade agreement that will establish an open market relationship with zero tariffs for U.S. exports, according to an announcement from U.S. President Donald Trump on Tuesday.
In a statement posted on Truth Social following a White House meeting with Philippine President Ferdinand Marcos, Trump indicated that while the U.S. will face no tariffs, the Philippines will pay a 19% tariff under the terms of the deal.
The agreement also includes provisions for military cooperation between the two nations, though specific details about this aspect of the partnership were not disclosed.
Trump described the meeting as "a beautiful visit" and expressed that it was "a Great Honor" to meet with President Marcos, whom he characterized as "Highly Respected in his Country" and "a very good, and tough, negotiator."
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