Trump Says US Nearing ‘Big’ Trade Deal With Philippines

President Donald Trump said Tuesday the U.S. is about to finalize a major trade deal agreement with the Philippines, while addressing reporters at the White House.

“We’re very close to finishing a trade deal,” Trump said, sitting alongside Philippines President Ferdinand Marcos Jr. “A big trade deal actually.”

While no specific terms were disclosed, Trump emphasized the potential scale and economic impact of the agreement. “It’s a lot of income coming in for both groups, but I was surprised to see the kind of numbers. They’re very big and they’re going to get bigger under what we’re doing and what we’re proposing,” he said.

In a tariff letter to the Philippines earlier this month, Trump stated that he plans to impose 20% tariffs on the country starting August 1, unless a trade deal is finalized. 

"We're going to be talking about trade, we are going to be talking about war and peace," Trump said in the Oval Office, as he praised the "fantastic" military relations between the two nations.

Marcos followed, saying that ties with the U.S. have "evolved into as important a relationship as is possible to have."

Trump added that an in-person visit to China may also be forthcoming soon. “We have a lot of meetings possible. President Xi has invited me to China. And, we’ll probably be doing that in the not-too-distant future,” he said.

“I don’t mind if he [Marcos] gets along with China because we're getting along with China very well. We have a very good relationship. In fact, the magnets, which is a complex piece of material, are coming out very well. They’re sending them in record numbers,” Trump added.

U.S. equity markets were trending lower in midday trade on Tuesday. The SPDR S&P 500 ETF (SPY) was down 0.22%, while the Invesco QQQ Series 1 Trust (QQQ) fell 0.77%. The SPDR Dow Jones Industrial Average ETF (DIA) edged 0.03% lower.

Despite the broader market weakness, retail sentiment on Stocktwits regarding SPY moved higher to the ‘bullish’ zone, up from ‘neutral’ the day before.

Read also: This Crypto Firm Plans To Slash 7% Of Its Workforce: Report

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