New Delhi, July 23 -- US President Donald Trump on Tuesday (July 22) announced a new trade agreement with the Philippines following a high-level meeting at the White House with President Ferdinand Marcos Jr. Trump made the announcement via a post on Truth Social, describing the deal as a significant step toward economic cooperation.

"President Ferdinand Marcos, of the Philippines, is just leaving the White House. We concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs," Trump wrote.

He added that the Philippines would pay a 19% tariff. Trump emphasised the bilateral military component as well: "In addition, we will work together Militarily... He [Marcos Jr.] is also a very good,...