Numerous countries around the world are facing the prospect of new tariffs on their exports to the United States on Aug. 7, a potential blow to the global economy, because they haven't yet reached a trade deal with the Trump administration.

Trump intends the duties to bring back manufacturing to the United States, while also forcing other countries to reduce their trade barriers to U.S. exports.

President Ferdinand "Bongbong" Marcos Jr. on Wednesday confirmed that the Philippines will open several key markets to US goods, including automobiles and