The Philippines will aim to bring down the tariff imposed by the US on Philippine exports to 15% from 19%, Manila’s envoy to Washington said, as the Aug. 1 deadline set by President Donald Trump nears.

The Philippines has opted to shield its agricultural and industrial sectors in recent trade negotiations with the United States, accepting 19 percent

Critics warn the new rate, a modest shift from the previous 20 per cent, undermines fair trade and puts Philippine industries at a competitive disadvantage.

A 19-percent tariff on Philippine exports to the United States is expected to have minimal impact on economic growth, but potential trade diversion is a concern, according to the Department of Economy,

As the August 1st tariff deadline approaches, President Trump said on social media that the U.S. and the Philippines have reached a trade deal. It comes as the impact of tariffs already in place are becoming more clear as automakers report quarterly earnings.

Bargain hunting perked up the local stock barometer on Monday ahead of tariff negotiations and the unfolding corporate earnings season even as aversion to gaming stocks persisted. The main-share Philippine Stock Exchange Index (PSEi) added 49.