Donald Trump announced that the US had reached a deal to levy a 19 per cent import tariff on the Philippines following what he described as a "beautiful visit" by president Ferdinand Marcos Jr to the White House.
The tariff rate is just shy of the 20 per cent Mr Trump had threatened to impose on America’s key Southeast Asian ally earlier this month but higher than the 17 per cent set when he first declared sweeping tariffs for dozens of countries in April.
