President Trump reveals trade deal with the Philippines after Oval Office meeting with President Ferdinand Marcos Jr., including zero tariffs for the U.S.

Malaysia is aiming for the lowest possible tariff on goods exported to the United States, its trade minister said on Thursday, denying reports that it is targeting a rate of 20%. Malaysia is facing a 25% tariff on its goods unless it can reach a deal with Washington by August 1.

The trade deal agreed upon by the Philippines and the United States seems to be tilting in favor of the Philippine semiconductor and electronics industry as it would enjoy lower prices for imported equipment and some raw materials while the garments sector says it might be an uphill battle

Business group Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) is calling for accelerated negotiations on a free trade agreement (FTA) between the Philippines and the US amid the latter’s move to impose a higher tariff on the country’s exports.