I asked ChatGPT to give me a quick estimate based on data that it has.
In 2024, the U.S. imported approximately US $14.16 billion worth of goods from the Philippines. Assuming all of those goods face the general tariff rate: At 20% tariff, total duties = 14.16 B × 20% ≈ US $2.832 billion. At 19% tariff, total duties = 14.16 B × 19% ≈ US $2.691 billion. U.S. importers of Philippine goods collectively save roughly US $141 million annually.
Now people must remember several things about these things, it is hard to make a good quick estimate. Many goods are under different tariff exemptions, and other goods have extra tariffs on it. People are looking at this situation all wrong. It is not that a 1% reduction is significant, but rather what would have happened if they had not made a deal? Trump would have imposed a high tariff something like 50% which would have hurt Philippines a lot, so the delegation prevented all of this damage which is pretty successful.
Products from the US will have no longer tax. But products that are from here imported to the US will have addition 19% tariff. While it's only 1% discount and we want more. The delegation together with our president shouldn't went there and just had a phone call just like the leader of Indonesia that he has called Trump and able to lessen the tariffs imposed to their country and I think from 32% it became 19% as well.
Maybe but you must think about it more widely. Philipines already had a good tariff deal in terms of percentage so he could not lower it too much. If they gave Philippines 10% then other Asian countries may demand the same low percentage.