{
  "id": 175550,
  "title": "Singapore to weigh wider trade-offs before seeking lower US tariffs: Gan Kim Yong",
  "url": "https://urgent.news/2026/08/05/singapore-to-weigh-wider-trade-offs-before-seeking-lower-us-tariffs",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-05T13:15:00.000Z",
  "source": {
    "name": "Channel News Asia",
    "slug": "channel-news-asia",
    "url": "https://www.channelnewsasia.com/singapore/us-tariffs-trade-business-gan-kim-yong-forced-labour-6301136"
  },
  "original_language": "en",
  "account": "Singapore is carefully considering the potential trade-offs before seeking a reduction in US tariffs, according to Deputy Prime Minister Gan Kim Yong. Around one-third of Singapore's $9.5 billion worth of annual exports to the United States are affected by a new 12.5% tariff imposed by Washington. Speaking to MPs, Gan emphasized that any potential concessions must be carefully assessed, taking into account the significant costs and broader trade implications. He warned that import prohibitions would have substantial consequences for Singapore, a major trading hub with a combined goods and services trade of approximately $2.5 trillion per year. The new tariff also affects businesses engaged in supply-chain due diligence, documentation, and investigations, particularly when production takes place outside Singapore. In addition to potential impacts on US commerce, the tariff could lead to broader implications for Singapore's trade relationships with other partners. Gan stated that Singapore would need to carefully evaluate what an agreement of reciprocal trade with the US might entail. The government is engaging with the US Trade Representative (USTR) constructively and has been actively working with the business community to understand concerns and support companies and workers in adapting to the new tariff. Measures already in place include the Business Adaptation Grant and a one-off cash grant for small and medium-sized enterprises. The government remains committed to supporting businesses and workers affected by the tariff and will continue to enhance Singapore's competitiveness in the face of an increasingly uncertain global trading environment.",
  "summary": "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.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Channel News Asia",
        "title": "Singapore to weigh wider trade-offs before seeking lower US tariff: Gan Kim Yong",
        "url": "https://urgent.news/2026/08/05/singapore-to-weigh-wider-trade-offs-before-seeking-lower-us-tariff",
        "published": "2026-08-05T13:15:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}