Critics warn the new rate, a modest shift from the previous 20 per cent, undermines fair trade and puts Philippine industries at a competitive disadvantage.

Philippine President Ferdinand Marcos is hoping Manila's status as a key Asian ally will secure a more favorable trade deal.

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Asian shares rose Thursday, buoyed by optimism that the U.S.-Japan tariff agreement will be followed by more trade deals. Japan’s Nikkei 225 surged nearly 2% to

A 19-percent tariff on Philippine exports to the United States is expected to have minimal impact on economic growth, but potential trade diversion is a concern, according to the Department of Economy,

As the August 1st tariff deadline approaches, President Trump said on social media that the U.S. and the Philippines have reached a trade deal. It comes as the impact of tariffs already in place are becoming more clear as automakers report quarterly earnings.

Bargain hunting perked up the local stock barometer on Monday ahead of tariff negotiations and the unfolding corporate earnings season even as aversion to gaming stocks persisted. The main-share Philippine Stock Exchange Index (PSEi) added 49.

Finance Secretary Ralph Recto said the government is open to the possibility of implementing zero US tariffs on certain products ahead of negotiations