SINGAPORE: Singapore Prime Minister Lawrence Wong said on Tuesday a 10% universal tariff rate imposed by the United States does not look open for negotiation and warned of potential upheaval in the domestic economy from a global escalation of trade disputes.
Wong in an address to parliament said there was no doubt trade-reliant Singapore’s growth would be significantly impacted and the government would likely revise down its gross domestic product growth forecasts, but it was unclear if the city-state would go into recession this year.
The current trade ministry GDP forecast for 2025 is 1% to 3%.
“It doesn’t look like the 10% universal rate is open for negotiation. This seems to be the fixed minimum tariff, regardless of a country’s trade balance or existing trade arrangements,“ he said. Singapore escaped the much larger tariff rates imposed on many of its Southeast Asian neighbours last week but has taken issue with the imposition of the 10% universal rate due to its free-trade agreement with Washington.
“We are very disappointed by the U.S. move, especially considering the deep and longstanding friendship between our two countries. These are not actions one does to a friend,“ Wong said, adding Singapore would not impose retaliatory tariffs.
He also said “the likelihood of a full-blown global trade war is growing”, anticipating weaker near-term global growth and reduced demand for Singapore’s goods and services.
He warned that if companies relocate from Singapore to the U.S., there would be job losses and retrenchments.
“The government will do everything we can to navigate through the choppy waters and ensure no one is left behind,“ he added.
The United States had a goods trade surplus of $2.8 billion with Singapore last year, according to the website of the U.S. Trade Representative website states. However, Singapore Trade Minister Gan Kim Yong last week said the U.S. trade surplus with Singapore amounted to a “substantial” $30 billion in 2024.
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