As we approach the Aug. 1 trade tariff deadline, President Trump has announced the details of new trade deals with both Indonesia and the Philippines.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

The United States has reached new trade agreements with the Philippines and Indonesia. Under the deal with Indonesia, a 19% tariff will be imposed on imports from the country, while goods that are trans-shipped or contain significant content from highly tariffed countries will face a 40% tariff. In return, Indonesia will eliminate tariffs on over 99% of U.S. goods. The agreement also includes provisions to strengthen rules of origin, remove barriers for digital services, and improve labor standards in Indonesia.

A similar arrangement has been announced with the Philippines, involving a 19% tariff on imports to the U.S. and a reported removal of tariffs on American products, though this has not yet been confirmed by Philippine officials. These agreements are expected to make it easier for American businesses to access Southeast Asian markets, particularly in agriculture and digital services, while potentially affecting consumer prices in the U.S.

Breaking down U.S. trade agreement with Philippines, Indonesia deal

As we approach the August 1st tariff deadline, President Trump has announced a new trade deal with the Philippines and details of an agreement with Indonesia. The trade agreement with Indonesia was first announced last week. It includes a 19% tariff on imports from the Southeast Asian nation. However, US Trade Representative Jameson Greer notes that goods that are trans-shipped or contain a lot of content from highly tariffed countries will face a 40% tariff. In exchange, Indonesia will drop its tariff to zero for more than 99% of its US trade. Trump also announced a trade deal with the Philippines following his meeting with President Fernandez Marcos Jr. at the White House. He says that the agreement includes a 19% tariff that will be charged on goods imported from the Philippines. American products being shipped there will allegedly face no tariffs. Officials from the Philippines, however, have not yet confirmed this agreement. CBS News Money Watch correspondent Kelly O'Grady joins us now. There's a lot of numbers there. The 19 seems kind of random. So explain to us the complexities of this deal and also just doing some reading, I didn't realize that 28 billion in goods come in from Philippines. I mean, think of these countries as sort of, or is it Indonesia? But the complexities involved here and what this means for the United States, right? So I think it means different things for consumers and for businesses. So for consumers, if you are buying goods that a company has imported from Indonesia, it's going to be subject to that 19% import tax that you mentioned. So it would follow that maybe prices would go up, probably not by that full 19%, but how much a company would pass on to you and me. For American businesses, though, this was really sort of the details of this deal. It is becoming easier to sell their products into Indonesia. You mentioned that over 99% of goods, of U.S. goods that are sold to Indonesia will have no tariff. So that's really important if you're working in the agriculture industry and you haven't had access to that market. I will also note, I've got the White House's announcement pulled up here, strengthening rules of origin. So making sure that the product that is being shipped here is actually produced in Indonesia versus coming from a place like China. That was that point that you made around 40% where you could actually get a higher tariff. Exactly. And another thing would be removing barriers around digital services. So companies that are making digital revenue not being taxed. And I thought this was interesting, improving labor standards in Indonesia for how those products are produced. So I think a lot of good for American businesses as well as the standard of products we get from Indonesia. And this time always goes by so quickly. But if you could explain to what is this signal in terms of the timing that Philippines deal? And also, where do we stand with China? Because they have to August 12th, unlike that August 1st deadline that we keep talking about. Right. So on the Philippines front, they are not a top 10 producer for us. I think what this really signals is the Philippines. We are an important partner for them. They wanted to get a deal done where that tariff was going to be lower. For China, there's so much back and forth here. Yes, there is that August 12th deadline. But there's so many complexities to be worked out when it comes to chips, to the tariff rate. And we also know even when you have a framework of a deal, things tend to change very quickly. It took over a couple of years last time to get a deal done. Wow. So we'll see what happens. I feel like we say that on just about every story. Yes. We'll see what happens. Kelly O'Grady, thank you so much.

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Breaking down U.S. trade agreement with Philippines, Indonesia deal

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