Welcome to the Daily News Brief, CFR’s flagship morning newsletter summarizing the top global news and analysis of the day. Subscribe to the Daily News Brief to receive it every weekday morning.Top

Steep tariffs on U.S. imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world.

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,

President Ferdinand Marcos secures a one-percent US tariff cut and defence pledges from US President Donald Trump, but analysts say the deal highlights Manila’s limited leverage and need to diversify.

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.

Philippine President Ferdinand Marcos Jr. listens as US Defense Secretary Pete Hegseth delivers remarks to reporters before a meeting at the Pentagon on July 21, 2025 in Arlington

Luis, President of the Philippine Exporters Confederation, shares his thoughts on who bears the costs of U.S. tariffs ahead of Philippine president Ferdinand Marcos Jr's visit to Washington DC.

THE PHILIPPINES has room to negotiate with the US to bring down its reciprocal tariff to as low as 10% using defense concessions as a key bargaining chip, according to Fitch Solutions’ research unit BMI.