FX.co ★ Philippines Presses for Trade Deal as U.S. Tariff Deadline Nears

Philippine President Ferdinand Marcos Jr. is scheduled to meet with U.S. President Donald Trump this week as he seeks to negotiate a more advantageous trade agreement before the impending tariff deadline in August. "We will assess what progress can be achieved to mitigate the impact of a very stringent tariff schedule," Marcos remarked prior to his departure from Manila. The U.S. recently proposed increasing tariffs on Philippine imports to 20%, up from 17% in April, despite the existing $5 billion trade deficit with the Philippines. Upon his arrival in Washington on Sunday, Marcos will also engage with Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, and U.S. business leaders. Philippine officials indicate that the president will focus on promoting economic collaboration, arguing that a robust Philippine economy is crucial for its strategic role in the Indo-Pacific region. Discussions will also encompass defense and security partnerships.