The tariff rate for goods imported into the U.S. from both the Philippines and Indonesia will be 19%, the president said.

Fresh from tariff talks with President Donald Trump, Philippine leader Ferdinand Marcos Jr. is on Monday set to unveil plans to boost growth as he starts the second half of his single six-year term beset with economic and political risks.

President Donald Trump says he's reached a trade agreement with Philippine leader Ferdinand Marcos Jr. following a meeting at the White House.

The new rate is higher than what Trump had threatened when he first unveiled sweeping global tariffs in April.

The Philippines will aim to bring down the tariff imposed by the US on Philippine exports to 15% from 19%, Manila’s envoy to Washington said, as the Aug. 1 deadline set by President Donald Trump nears.

It matches the 19% announced for Indonesia and bests Vietnam’s slightly higher rate of 20%. Read more at straitstimes.com. Read more at straitstimes.com.

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According to economist and former lawmaker Joey Salceda, the recent announcement of US President Donald Trump that the US and the Philippines have agreed on a tariff deal that would give a zero tariff on US exports to the Philippines and a 19 percent tariff on Philippine exports to the US,