FX.co ★ Philippines, U.S. to Discuss Tariffs in Marcos-Trump Meeting

Philippine President Ferdinand Marcos Jr. is set to meet with U.S. President Donald Trump in Washington later this month, as confirmed by Foreign Minister Theresa Lazaro during a regional summit in Malaysia. With rising trade tensions expected to dominate the discussions, the meeting, scheduled for July 22, marks the first official engagement between the two leaders amidst strengthened military cooperation between their countries. President Marcos will be in the U.S. from July 20 to July 22. The Philippines is particularly concerned about Trump's recent decision to increase tariffs on its exports to 20%, up from the 17% initially indicated in April, without a clear justification provided. The U.S. goods trade deficit with the Philippines widened to $4.9 billion in 2024, a 21.8% increase compared to the previous year. In spite of the tariff escalation, Manila remains committed to dialogue and intends to send a delegation to Washington next week to negotiate a trade agreement.