President Donald Trump says he's reached a trade agreement with Philippine leader Ferdinand Marcos Jr. following a meeting at the White House.

U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said on Tuesday as President Donald Trump announced a deal with the Philippines and released terms of a previous deal with Indonesia.

President Trump says he reached a trade agreement with the Philippines following a White House visit by its president. The U.S., the Philippines and other Asian allies are increasing their cooperation to counter China,

Was it really just 20 percent to 19 percent tariff reduction? No. Effective tariffs on Philippine exports were just at 6.65 percent, thanks to exemptions negotiated prior to President Marcos’ visit. That was the second lowest in the Association of Southeast Asian Nations (Asean) next to Malaysia.

Trump recently sent a letter to the Philippines threatening a 20% tariff on Filipino goods as part of his effort to secure deals with the largest trading partners around the world.

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The Philippines faces a 19% export tariff under a new U.S. trade deal granting tariff-free access to American goods.