By Danial Azhar KUALA LUMPUR (Reuters) -Philippine President Ferdinand Marcos Jr will meet U.S. President Donald Trump in Washington this month, Manila's top diplomat said on Friday, with an increased trade tariff on one of Washington's top defence allies set to be discussed.

India could pose stiff competition to Sri Lanka and the Philippines for nearly a fifth of their exports to the United States as both countries are facing high import duties under new US trade arrangement,

The Philippine economy is likely to be resilient to higher US levies but faces the risk of lower foreign investments amid the global uncertainty, according to S&P Global Ratings.

The Philippines is concerned about the United States' decision to impose 20% tariffs on Philippine exports but will continue to negotiate, its economic affairs minister said on Thursday.

It shows that personal grudges rather than simple economics are a driving force in the U.S. leader’s use of tariffs.

The global tariffs announced by US President Donald Trump in April triggered “strong” investor interest in the Philippines, which was threatened with a lower levy than most neighbors, a top trade official said.

Countries like the Philippines and Singapore could benefit from tariff concessions if negotiations with the Trump administration progress favorably, according to Dutch financial giant ING Bank, which flagged the building pressure on Asian economies facing higher-than-expected post-Liberation Day tariffs.

President Trump is again amping up his trade threats, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Wednesday posted to social media six letters,