Singapore's Pharma Industry Braces for U.S. Tariff Shock

Singapore's pharmaceutical industry association is on alert following U.S. President Donald Trump’s plan to impose a 100% tariff on imported branded drugs. Pharmaceutical goods, along with semiconductors and consumer electronics, represent 40% of Singapore's exports to the U.S., making the move significant for the industry.

Singapore's pharmaceutical industry is preparing for potential challenges after the U.S. administration declared a 100% tariff on branded drug imports starting next month. The decision, unveiled by U.S. President Donald Trump, has stirred concerns within the industry.

Pharmaceutical goods form a crucial part of Singapore's trade with the United States, alongside semiconductors and consumer electronics. Together, these sectors contribute approximately 40% to the country's exports to the U.S., according to the latest data from Singapore's central bank.

The proposed tariffs are set to impact bilateral trade relations, prompting Singapore's industry leaders to strategize on mitigating potential economic repercussions as they monitor developments in U.S. trade policies closely.

(With inputs from agencies.)