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President Trump reveals trade deal with the Philippines after Oval Office meeting with President Ferdinand Marcos Jr., including zero tariffs for the U.S.

The trade deal agreed upon by the Philippines and the United States seems to be tilting in favor of the Philippine semiconductor and electronics industry as it would enjoy lower prices for imported equipment and some raw materials while the garments sector says it might be an uphill battle

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.

President Donald Trump said he has reached a trade agreement with Philippine leader Ferdinand Marcos Jr. after a meeting Tuesday at the White House that will see the U.S. slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there.

U.S. stock futures are higher after a rally on trade deals, but some megacap tech companies are due to report quarterly results and could swing sentiment. After the regular session market close,

U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said on Tuesday as President Donald Trump announced a deal with the Philippines and released terms of a previous deal with Indonesia.

WASHINGTON (Reuters) -U.S. President Donald Trump on Tuesday welcomed Philippine President Ferdinand Marcos Jr. to the White House, saying the two countries were close to finalizing a trade agreement.