The Philippines will aim to bring down the tariff imposed by the US on Philippine exports to 15% from 19%, Manila’s envoy to Washington said, as the Aug. 1 deadline set by President Donald Trump nears.

The Philippines may have avoided steep trade penalties in its latest deal with the US, but analysts say Manila still failed to secure more favorable terms than regional peers despite its close ties with Washington.

Negotiations over the Philippines’ new 19% US tariff rate are “not finished”, a key government economic adviser said today, tamping down fears over the deal’s potential impact on the agriculture sector.

Asian shares are higher, buoyed by optimism that the U.S.-Japan tariff agreement will be followed by more trade deals

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

A 19-percent tariff on Philippine exports to the United States is expected to have minimal impact on economic growth, but potential trade diversion is a concern, according to the Department of Economy,

President Ferdinand Marcos secures a one-percent US tariff cut and defence pledges from US President Donald Trump, but analysts say the deal highlights Manila’s limited leverage and need to diversify.

As the August 1st tariff deadline approaches, President Trump said on social media that the U.S. and the Philippines have reached a trade deal. It comes as the impact of tariffs already in place are becoming more clear as automakers report quarterly earnings.