Trump Lowers Philippines Tariff 1% After Marcos Meeting

President Donald Trump has announced reciprocal tariffs ranging from 15% to 50% on U.S. trading partners, with a recent trade deal with Japan setting tariffs on car exports at 15% and steel and aluminum at 50%. The U.S. and European Union are reportedly close to a similar deal, with the EU expecting 15% tariffs on cars but facing 50% on steel and aluminum if no agreement is reached. Meanwhile, the U.S. has struck a trade deal with the Philippines, where tariffs were only marginally reduced from 20% to 19%, despite efforts by Philippine President Ferdinand Marcos Jr. to negotiate further reductions. The Philippines agreed to open its market to U.S. goods and remove tariffs on certain imports like automobiles, while also increasing imports of soy, wheat, and pharmaceuticals from the U.S. The modest tariff reduction highlights the challenges foreign leaders face in negotiating better trade terms with the Trump administration. Both deals underscore the administration's strategy of using tariffs as leverage to secure trade concessions and market access.