Singapore says exports worth $7. 4 billion affected by new U. S. tariffs | 1450 AM 99. 7 FM WHTC - EUROPE SAYS
SINGAPORE, Aug 6 (Reuters) – About one-third of Singapore’s exports to the U. S. , worth S$9. 5 billion ($7. 4 billion), will be affected by a new U. S. tariff of 12. 5% imposed on July 24, Trade Minister Gan Kim. . .
SINGAPORE, Aug 6 (Reuters) – About one-third of Singapore’s exports to the U. S. , worth S$9. 5 billion ($7. 4 billion), will be affected by a new U. S. tariff of 12. 5% imposed on July 24, Trade Minister Gan Kim Yong said. Here are the details:• Gan said in parliament on Wednesday that the tariffs imposed under Section 301 of the U. S. Trade Act of 1974 would affect about a third of Singapore’s exports, including optical instruments and chemical products. • Exempt exports include energy and energy products, certain electronics and aerospace products, as well as semiconductors and pharmaceuticals. • Gan said the U. S. had said it levied the tariff because Singapore does not have a law prohibiting the importation of goods produced with forced labour, nor an Agreement of Reciprocal Trade with the U. S. committing to introduce such a law. • “Importantly, none of the 60 economies, including those that already have such prohibitions in force, received a full exemption from the tariff,” he said, referring to trading partners that have also had a similar tariff imposed, including the European Union and China. • Singapore has said that there is no evidence that it is involved in the trade of goods involving forced labour. • Gan said that the city-state would need to “consider carefully” what would be involved in an agreement with the U. S. , noting that they may involve “commitments beyond an import prohibition, including export controls or restrictions relating to third countries”. • As a major trading hub, he said the nation’s goods and services trade amounts to around S$2. 5 trillion each year, of which S$1. 4 trillion was in goods so any import prohibition would have “significant implications”. • According to the USTR’s statistics, the U. S. trade surplus with Singapore was $3. 6 billion in 2025. (Reporting by Jun Yuan Yong; Editing by John Mair)Tags:businesstariffstrade war