By Anita Hamilton and Brian Swint

President Donald Trump revealed a revised trade deal with the Philippines after a visit with President Ferdinand Marcos Jr. in the Oval Office on Tuesday.

Imports to the U.S. from the Philippines will have a 19% tariff rate, Trump posted on social media Tuesday afternoon. That is one percentage point less than the 20% rate Trump unilaterally imposed on goods from the Philippines in early July. But it's still higher than Trump's initial 17% rate, which he announced in early April.

"He's a very tough negotiator," Trump said of Marcos, ahead of the meeting.

Marcos called the U.S. its "strongest, closest, most reliable ally."

'Rash of Trade Deals' Coming Soon, Bessent Says. Tariffs Can Be Used for World Peace.

With just 10 days left before higher tariff rates kick in for many U.S. trade partners, Treasury Secretary Scott Bessent says the administration is "about to announce a rash of trade deals in the coming days."

"A lot of these trade deals are going to include substantial investments in the U.S. whether it's autos, semiconductors, and pharmaceuticals," he told Fox Business Tuesday morning.

President Trump has said he considers a letter to a trade partner in which the U.S. unilaterally sets the new tariff rate to be a "deal." He announced more than two dozen such "deals" in early July with rates ranging from 19% to 50%. He added that he would set a rate of " a little over 10%" for 150 smaller countries.

Among the rates announced so far, Indonesia secured the relatively low 19% rate after Trump spoke with the country's president, Prabowo Subianto. The initial rate on Indonesian imports announced on April 2 was 32%. Brazil, meanwhile, got the highest rate of 50% as Trump criticized the trial of its former President Jair Bolsonaro, who is facing charges of attempting a coup.

Bessent added that the Aug. 1 deadline for the new rates to kick in is "a pretty hard deadline." However, countries can continue negotiations even after the rates take effect.

Tariffs can be used not only for economics, but also "for world peace," he said. He was referring to the U.S.'s plan to impose secondary tariff rates of 100% on imports to the U.S. from any country that does business with Russia if no peace deal is reached by early September.

Pharma Invests in U.S. to Counter Tariffs, Jeep Maker Swings to Loss

Trump's plan to introduce tariffs as high as 200% on pharmaceuticals is spurring companies into action.

London-listed AstraZeneca, known for its treatments for cancer, diabetes, and Covid-19, said Monday that it will invest $50 billion by 2030 to manufacture drugs in the U.S. It is the latest sign that Trump's tariffs are changing the way companies do business.

The spending includes a new multibillion-dollar center in Virginia focused on making drugs for chronic diseases, including weight-loss treatments. It will also expand facilities in Texas and Indiana, and build new ones in Massachusetts and California.

Investors are still waiting on news of possible trade deals with the European Union and India, which White House officials have said may be coming. The Aug. 1 deadline for deals is rapidly approaching next week -- after that, the temporary reductions in tariffs will expire and rates will go up.

Certain sectors other than pharmaceuticals also face higher levies on top of the threatened across-the-board tariffs, particularly automobiles. Stellantis, the owner of the Jeep and Chrysler brands of cars, said Monday that earnings took a hit to the tune of $350 million from U.S. tariffs in the first half, pushing the company into a loss. The vehicle maker faces a 25% duty on cars imported from overseas.

Its U.S.-traded shares are down 30% since the start of the year but were rising 0.6% in late morning trading.

Write to Anita Hamilton at anita.hamilton@barrons.com and Brian Swint at brian.swint@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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July 22, 2025 14:23 ET (18:23 GMT)

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