US tariff affects S$9.5 billion of Singapore’s domestic exports: Gan Kim Yong
He says none of 60 trading partners fully exempt; any move to secure a lower tariff rate would carry wider compliance, trade...
Singapore's Deputy Prime Minister Gan Kim Yong announced on August 5 that approximately S$9.5 billion worth of the Republic's domestic exports to the United States are affected by the new 12.5 per cent tariff imposed by Washington. Gan emphasized that none of the 60 economies covered received a full exemption from the tariff, representing around one-third of Singapore's total domestic exports to the US.
Only goods such as energy products, certain electronics, and aerospace products are exempted from the measure. The new tariff raises the overall effective tariff rate on Singapore's exports to the US by an estimated 0.7 percentage point, compared to the previous 10 per cent tariff.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
