US to unveil measures against excess manufacturing in ‘weeks’: Nikkei report
Singapore and 15 other economies are subject to a US investigation against excess manufacturing capacity.
The United States plans to introduce measures against excessive manufacturing capacity within weeks, according to a Nikkei Asia report. US Trade Representative Jamie L. Greer stated that countries failing to address excess capacity, either domestically or originating from third parties, would not be tolerated. The announcement is expected following a G20 meeting in Milwaukee, where trade officials from member countries agreed to tackle global issues such as the steel glut and non-market economic policies.
The USTR has been investigating 16 economies, including Singapore, China, the European Union, Mexico, India, Japan, South Korea, Taiwan, Switzerland, Norway, Indonesia, Thailand, Malaysia, Cambodia, Vietnam, and Bangladesh, for alleged excess manufacturing capacity under Section 301 of the Trade Act. The new tariffs could add to the 12.5% levy Singapore currently faces due to a USTR investigation into 60 US trading partners and potential tariffs on Singapore's semiconductor exports.
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