Singapore Navigates Tariff Negotiations for Pharmaceutical Exports

Singapore seeks to avoid US tariffs on pharmaceutical exports, with potential concessions under discussion. Deputy Prime Minister Gan Kim Yong highlights the importance of securing agreements for Singapore's economy, emphasizing ongoing negotiations for pharmaceutical and semiconductor sectors amid global trade uncertainties.

Singapore is poised to negotiate its way out of impending US tariffs on pharmaceutical exports, according to Deputy Prime Minister Gan Kim Yong. Speaking on Friday, he revealed that the US has extended an offer to discuss concessions that could potentially exempt Singaporean pharmaceutical goods from new tariffs.

This opportunity comes as part of a broader initiative under Gan's leadership to minimize the impact of US trade policies on Singapore. Pharmaceuticals constitute a significant portion of Singapore's exports to the US, making these discussions crucial for the nation's economic interests.

Despite the encouraging dialogue, Gan highlighted the overarching uncertainty in global trade. The US and China recently agreed to temporarily reduce tariffs, yet the long-term outcome remains unpredictable. Against this backdrop, Singapore continues its efforts to secure stable agreements critical for its economic sustainability.

(With inputs from agencies.)