After President Ferdinand Marcos Jr.’s first-ever meeting with US President Donald Trump, Washington’s tariffs on Philippine goods have seemingly settled at 19%—slightly lower than the previous round but still higher than the original rate.

US President Donald Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos.

President Donald Trump’s vows to roll out punishing new tariffs on Aug. 1 have barely made a ripple with investors who are convinced he’ll once again back down. But at the White House, officials insist they’re serious this time.

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.

Trump will host Philippine President Ferdinand Marcos Jr. at the White House today. White House press secretary Karoline Leavitt said yesterday that the two leaders could discuss trade and the upcoming Aug. 1 tariff deadline.