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.

The U.S. has reached a trade deal with the Philippines following a meeting Tuesday between President Donald Trump and the country’s president, Ferdinand Marcos Jr., at the White House, Trump announced on social media.