The move by US President Donald Trump to impose a higher-than-expected tariff on the Philippines signals his unwavering determination to pressure Washington's trade partners to do their part in reducing the US deficit in tandem with its intensifying rivalry with China,

US President Donald Trump sent a letter to President Ferdinand “Bongbong” Marcos Jr. informing the latter that he is imposing a higher tariff rate of 20% on Philippine goods imported to America despite earlier negotiations to lower the initially announced duty of 17% in April.

After U.S. President Donald Trump slapped a 20% tariff on Philippine goods, President Ferdinand Marcos Jr.’s’ special assistant for economic affairs Frederick Go said that while the Philippines is concerned,

Trump announced the United States would impose new tariffs on imports from several additional countries as part of his drive to reduce the trade deficit and promote fair trade.

The Philippine government was taken aback by US President Donald Trump’s decision to slap a higher 20% tariff rate on the country’s goods exported to America despite earlier efforts to haggle for lower duties for products imported from Manila.

Oil prices fell by around 2% on Thursday, as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth. Brent crude futures were down $1.42, or 2.02%, at $68.

In a post on Truth Social, President Trump said these tariffs on the Philippines will kick in from August 1 and will cover all goods imported from the country.

President Trump is again amping up his trade threats, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Wednesday posted to social media six letters,