President Donald Trump announced a trade deal July 22 with the Philippines, hours after the leader of the country paid a visit to the Oval Office ahead of an Aug. 1 reciprocal tariffs deadline. The Southeast Asian country would pay a 19% tariff, Trump said.

President Trump said Tuesday that the U.S. and the Philippines have finalized a new trade agreement with zero tariffs on U.S. goods, while Filipino exports to the U.S. will face a 19% tariff. Why it matters: This marks the second trade deal between the U.