Trump announces new trade agreements reached with the Philippines and Indonesia, will impose 19% tariffs on their goods.

U.S. President Trump announced on Tuesday that he had reached a trade agreement with President Marcos of the Philippines. Trump later disclosed more details of the agreement reached with Indonesia. The core of these two agreements is that the United States will impose a 19% tariff on goods from the Philippines and Indonesia, with the costs borne by American companies, while exports from the United States to these two countries will be exempt from tariffs. Trump announced the agreement after meeting with President Marcos at the White House on Tuesday. He wrote on the social platform Truth Social, "It was a great visit, and we completed a trade agreement." However, it is currently unclear whether the two sides have officially signed the relevant documents, and similar to a series of trade agreements announced by Trump earlier, few details have been disclosed. It is reported that this agreement with the Philippines is the fifth trade agreement reached in the past three months. The details of the trade agreement with Vietnam announced by Trump earlier have not been made public, and the White House has remained silent on this matter. In April of this year, the Trump administration announced the suspension of so-called "equal" tariffs and promised to negotiate more trade agreements on this basis. However, recently, there has been a shift in the government's attitude, emphasizing "quality over quantity". At the same time, Trump continues to pressure the global economy, threatening to substantially increase tariffs, including imposing tariffs of up to 50% on all trade partners' goods, as well as a uniform 50% tariff on copper imports, which is expected to take effect next week. He also emphasized that the negotiation deadline of August 1 will be adhered to, and countries that fail to reach an agreement by then will face higher tariffs. However, market investors have reacted relatively indifferently to this. It is worth noting that Trump had told reporters earlier on Tuesday in the Oval Office that he was not willing to reach an agreement with Marcos immediately because "he negotiates too aggressively." However, Trump added, "We may reach certain agreements." Previously, the U.S. had imposed a minimum 17% "equal" tariff on Philippine goods, and earlier this month, Trump also threatened to impose a 20% tariff on Philippine goods starting from August 1. According to data from the U.S. Department of Commerce, the total amount of U.S. imports from the Philippines last year was $14 billion, with main goods including computers and electronic equipment, processed food, machinery, and clothing; while U.S. exports to the Philippines amounted to $9 billion, with major export products also including electronic products and processed food. Similar to the Philippines, Trump also announced an agreement with Indonesia last week with the same tariff structure. On Tuesday this week, the U.S. and Indonesia jointly issued a statement that disclosed more details. According to U.S. officials, Indonesia has agreed to adjust several non-tariff barriers, including removing taxes on digital services income (such as streaming ads, social media ads), and eliminating "pre-shipment inspection or certification requirements" for U.S. products. White House officials stated that such inspection systems especially pose export barriers for American farmers, and their removal is expected to facilitate the entry of the U.S. Shenzhen Agricultural Power Group into the Indonesian market. In addition, Indonesia has also agreed to accept U.S. federal motor vehicle safety standards and lift export restrictions on key minerals. In April of this year, Indonesian goods briefly faced a 32% "equal" tariff, but the tariff was later suspended. Currently, goods imported from Indonesia have been subject to a minimum tariff of 10% over the past three months, and this policy will also expire on August 1. Data shows that Indonesia is the 23rd largest trading partner of the United States. In 2024, the total amount of U.S. imports from Indonesia will reach $28 billion, mainly clothing and footwear; while U.S. exports to Indonesia amount to $10 billion, mainly energy products such as oilseed and grains, petroleum, and natural gas.