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,

The tariff rate for goods imported into the U.S. from both the Philippines and Indonesia will be 19%, the president said.

The Philippines may have avoided steep trade penalties in its latest deal with the US, but analysts say Manila still failed to secure more favorable terms than regional peers despite its close ties with Washington.

The Philippines has not removed tariffs on imports from the United States of corn, rice, sugar, fish, pork, and chicken, a senior economic and trade adviser to President Ferdinand Marcos Jr. said on Thursday.

Asian shares are higher, buoyed by optimism that the U.S.-Japan tariff agreement will be followed by more trade deals

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

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.