Unyielding Tariff, Unyielding Ties: US and Singapore Keep Economic Dialogue Alive

The United States maintains its 10% tariff on Singaporean imports but commits to further discussions to deepen economic relations. Deputy Prime Minister Gan Kim Yong's meeting with US Secretary of Commerce Howard Lutnick underscores the strong trading partnership despite geopolitical tensions, with plans to explore advancement opportunities.

Despite the United States' decision to maintain its 10% tariff on Singaporean imports, the two nations have agreed to intensify their efforts in deepening economic ties. This commitment was made during a virtual conversation between Deputy Prime Minister Gan Kim Yong and US Secretary of Commerce Howard Lutnick, as reported on LinkedIn.

Gan highlighted the importance of the bilateral trade relationship, noting that it sustains approximately 350,000 American jobs and benefits the US with a consistent trade surplus, which amounted to USD 30 billion last year. Both parties acknowledged the mutual benefits and the robustness of their economic relations.

However, the US's reluctance to lower its tariffs comes amidst a broader context of international tariffs imposed under former President Donald Trump. This has pressured Singapore, an essential financial hub, to anticipate shifts in global supply chains and economic forecasts, potentially impacting its economic growth.

(With inputs from agencies.)