ISTANBUL, July 24 (Bernama-Anadolu) -- Filipino President Ferdinand Marcos Jr. said the Philippines would move to an “open market" with the US and would no longer charge tariffs on American automobiles, during a news conference in Washington after he met President Donald Trump, Anadolu Ajansi (AA) reported.
One of the major areas Manila was "asked to be open" was the automobile industry, said Marcos. “We will open that market and no longer charge tariffs on that."
Trump announced a new trade agreement with the Philippines following the Tuesday meeting. The sides had reached an agreement of 19 per cent tariffs on Filipino exports to the US, down 1 per cent from the announced 20 per cent tariff, which was set to take effect on August 1.
"Also, the other side of that is an increased importation from the United States for soy products, wheat products and medicines," said Marcos.
"So, we are coming to those arrangements. There's still a lot of detail that needs to be worked out on the different products and the different exports and imports, but basically that's now our template," he noted.
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