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

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

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