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President Donald Trump announced new trade agreements with the Philippines and Indonesia, marking the first deals since setting an end-of-month deadline for countries to negotiate.Both deals with Indonesia and the Philippines include zero percent tariffs for American goods entering their countries, while there will be 19-percent tariffs on those goods coming into the United States. President Trump said, " ... we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff. In addition, we will work together Militarily."As part of its deal, Indonesia agreed to drop non-tariff barriers and buy billions of dollars in U.S. goods, including airplanes, farm products, and energy, according to a senior White House official.President Trump said, "This Deal is a HUGE WIN for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers."Separately, President Trump has previously threatened tariffs on goods from Brazil, Canada, the European Union, Mexico, Japan, and South Korea if they don't reach a deal by Aug. 1. These countries are some of the U.S.' top trading partners, sending over goods like coffee, produce, seafood, car parts, computers, and much more. Economists say prices could rise substantially on those products if deals aren't reached.Ahead of an Aug. 12 deadline, U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week in Sweden to discuss what is likely to be an extension to avert sharply higher tariffs.In the last two days, American car makers General Motors and Stellantis have both announced major hits to their profits and earnings partially as a result of tariffs. GM CEO Mary Barra said in a letter to shareholders on Tuesday that the automaker is attempting to “greatly reduce our tariff exposure,” citing $4 billion of new investment in its U.S. assembly plants.