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.

President Donald Trump said Tuesday he and President Ferdinand Marcos Jr. of the Philippines have reached a trade agreement. Shortly after, he also revealed more detailed terms of an agreement with Indonesia.