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Philippines cuts US auto tariffs; expands farm, drug imports under trade deal

( July 23, 2025, 07:57 GMT | Official Statement) -- MLex Summary: Philippine President Ferdinand Marcos Jr. described as a "significant achievement" the modest reduction in US tariffs on Philippine exports — from 20 percent to 19 percent — that he secured following trade talks with US President Donald Trump in Washington. In return, he said the Philippines will eliminate tariffs on American automobile imports and increase imports of US wheat, soy products and pharmaceuticals. Marcos said the deal boosts the Philippines' regional competitiveness in trade with the US. The rate puts the Philippines on par with the US tariff rate on Indonesian exports, and slightly below Vietnam's at 20 percent.The statement follows: ...

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