Philippines Drops Tariffs on U.S. Cars
(MENAFN) Filipino leader Ferdinand Marcos Jr. announced that the Philippines will transition to an “open market” policy with the United States and eliminate duties on American vehicles.
He made the remarks during a press briefing in Washington after a meeting with President Donald Trump.
Marcos explained that one of the primary sectors the U.S. “asked to be open” was the automotive field. “We will open that market and no longer charge tariffs on that,” he confirmed.
President Trump revealed a new trade pact with the Philippines after their discussion on Tuesday.
The nations settled on a 19% duty rate for Filipino goods entering the U.S., a slight drop from the previously proposed 20%, which had been scheduled to start on August 1.
"Also, the other side of that is an increased importation from the United States for soy products, wheat products and medicines," stated Marcos.
He added, "So, we are coming to those arrangements. There's still a lot of detail that needs to be worked out on the different products and the different exports and imports but basically that's now our template."
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