Philippine President Ferdinand Marcos Jr. will meet U.S. President Donald Trump this week, hoping Manila's status as a key Asian ally will secure a more favorable trade deal before an August 1 deadline.

President Donald Trump announced a trade deal with the Philippines, hours after the leader of the country paid a visit to the Oval Office.

There will be no more extensions on tariff deadlines, and they will go into force as scheduled on August 1, Commerce Secretary Howard Lutnick said Sunday. Why it matters: Since January, the world has gotten accustomed to President Trump announcing tariffs and then reversing them,

As of now, five countries have signed trade deals with the Trump administration ahead of next week's deadline. These are Britain, Vietnam, Indonesia, the Philippines and Japan.