Asian shares have rallied, with Tokyo's benchmark Nikkei 225 index up more than 3% after Japan and the U.S. announced a deal on President Donald Trump's tariffs.

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.

THE Philippines is open to reducing tariffs on some products from the United States as part of its bid to secure zero or lower reciprocal tariffs from the US, F

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.

Finance Secretary Ralph Recto said the government is open to the possibility of implementing zero US tariffs on certain products ahead of negotiations