The Philippines will aim to bring down the tariff imposed by the US to 15% from 19%, Manila’s envoy to Washington said.

U.S. President Donald Trump announced a new 19% tariff rate for goods from the Philippines on Tuesday after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr. to the White House,

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.

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Manila’s envoy to Washington believes there is room for further improvement beyond the 19% Donald Trump announced.

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,

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.

Bargain hunting perked up the local stock barometer on Monday ahead of tariff negotiations and the unfolding corporate earnings season even as aversion to gaming stocks persisted. The main-share Philippine Stock Exchange Index (PSEi) added 49.