DUBLIN - Singapore's Deputy Prime Minister, Gan Kim Yong, expressed disappointment after Singapore was subjected to a 10% baseline tariff by the United States.

Singapore faced a 10% baseline tariff on imports imposed by Trump, which is significantly lower compared to its Southeast Asian neighbors, where six countries were hit with tariffs ranging from 32% to 49%. 

“We are naturally disappointed that despite our strong and long-standing economic and commercial relationship with the US under the US-Singapore Free Trade Agreement, we are also subject to the same 10% baseline tariffs,” said Gam Kim Yong in a press conference.

Gan Kim Yong added that Singapore has the capability to take countermeasures and seek dispute resolution. However, they chose not to do so, as retaliatory tariffs would only increase the cost of imports from the US.

Singapore's biggest concern now is the broader impact of the series of tariffs in the future. “Because we can see that some countries are already announcing retaliatory tariffs. And if this continues, it may escalate into a global trade war, which lead to a significant slowdown in global economy,” he added.

According to the United States Trade Representative website, the US had a trade surplus of USD 2.8 billion with Singapore in 2024, an increase of 84.4% from the previous year. (LM)