US EditionSingapore PM says universal 10% tariff doesn't look open for negotiation
- Singapore Prime Minister Lawrence Wong stated that the 10% universal tariff rate imposed by the United States does not seem negotiable and warned of potential domestic economic upheaval due to trade disputes.
- Wong noted that Singapore's growth would be significantly impacted, and the GDP growth forecast for 2025 is between 1% to 3%.
- Wong expressed disappointment over the U.S. Decision, saying, 'These are not actions one does to a friend,' but confirmed that Singapore would not retaliate with tariffs.
- The U.S. Had a goods trade surplus of $2.8 billion with Singapore last year, while Trade Minister Gan Kim Yong indicated a surplus of $30 billion in 2024.
12 Articles
12 Articles
Singapore PM says Trump's universal tariff does not appear open for negotiation: 'Fixed minimum tariff'
Singapore Prime Minister Lawrence Wong said Tuesday that President Donald Trump's 10% universal tariff rate on the Asian country does not seem open for negotiation.Speaking to parliament, Wong also warned of potential upheaval in the domestic economy as a result of a global escalation of trade disputes.Wong said Singapore's growth would be significantly impacted and that the trade-reliant country would likely revise down its gross domestic produ…
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Singapore has announced the formation of a national task force to support workers and businesses following the United States’ unexpected imposition of sweeping new tariffs: 10% on all imports. These tariffs, including on countries like Singapore that already run trade deficits with the US, are expected to dampen global economic growth, reduce demand for exports, and increase job uncertainty. Prime Minister Lawrence Wong described the move as a “…
New US tariffs could hurt Singapore economy, YOU & ME also can lose our jobs as a result!
The United States recently announced new tariffs, meaning that goods imported from other countries into the United States will be slapped with extra taxes. While some people may think, “Not my problem lah, it’s a US issue,” Prime Minister Lawrence Wong has made it very clear that it IS our problem. Why? Because Singapore’s economy is super dependent on global trade. If trade slows down, it’s not just some factories or big bosses who kena. You, m…
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