Singapore to weigh wider trade-offs before seeking lower US tariff: Gan Kim Yong
Around one-third of Singapore's domestic exports to the United States, valued at S$9.5 billion annually, are affected under the new 12.5 per cent tariff imposed by Washington.
Singapore is considering the wider implications before negotiating a lower tariff from the United States, Deputy Prime Minister Gan Kim Yong stated. One-third of Singapore's exports valued at S$9.5 billion annually to the US are impacted by the new 12.5% tariff. The government must evaluate the significant costs and trade implications before deciding on any response.
The tariff affects goods like optical instruments and chemical products, excluding energy and energy products, as well as certain electronics and aerospace products. Engaging the US Trade Representative (USTR) constructively, Gan emphasized that any import prohibition would have substantial implications for Singapore's trade, a major hub with an annual goods and services trade worth S$2.5 trillion.
The government is working with the business community through the Singapore Economic Resilience Taskforce to support affected companies and workers.
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