Singapore's Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, stated on the 10th that the tariffs imposed by the United States on Singapore remain unchanged, maintaining a 10% baseline tariff level.
He revealed the latest situation regarding US tariffs at a press conference for Singapore's Economic Resilience Taskforce.
So far, US President Trump has sent new tariff notifications to 22 countries, but Singapore is not among them. The deadline for the US's "Reciprocal Tariff" is August 1.
Gan Kim Yong emphasized that the US has neither increased nor decreased the 10% baseline tariff on goods imported from Singapore.
He added that he will visit the US later this month to gain a deeper understanding of US concerns, priorities, and interests, and to explore ways to further economic cooperation between the two countries.
He also mentioned that Singapore is in discussions with the US about the possibility of tariff exemptions on US-bound pharmaceutical exports.
He said, "I have mentioned that the US has offered potential tariff exemptions for pharmaceutical products exported from Singapore to the US. We are in discussions with our counterparts at the US Department of Commerce to better understand their expectations and to explore practical solutions for Singaporean enterprises."
Regarding the impact of US tariffs on the Singaporean economy, Gan Kim Yong noted that as some countries have stocked up in advance during the 90-day grace period of reciprocal tariffs, it helped support Singapore's relatively strong economic growth in the first half of the year. "However, given that tariffs will be increased in the future and the effects of advanced stocking will gradually diminish, Singapore is likely to experience a slowdown in economic growth within the next 6 to 12 months."
This Year's Economic Growth Forecast Maintained at 0% to 2%
Gan Kim Yong also emphasized that, as far as economic growth is concerned, the Ministry of Trade and Industry has kept this year’s economic growth forecast at between 0% and 2%, and this projection will remain unchanged for now.