Balakrishnan’s comments come as Trump said he would notify more than 150 countries of how much levies Washington would place on their exports, with 10% being the minimum. Singapore has yet to receive a letter from Trump, he added.
Singapore is heavily reliant on global trade and its exports are often seen as a bellwether for the health of Asian economies. The city-state this week reported faster-than-expected growth in the second quarter on strong manufacturing and services exports as businesses seek to front-run higher US tariffs.
The 10% tariff imposed by the US “does not quite compute”, said Balakrishnan, given that the US and Singapore have run a free trade agreement since 2004, with America running a trade surplus against the Southeast Asian nation.
Singapore’s Deputy Prime Minister Gan Kim Yong, who is also its most-senior trade official, will be visiting the US this month for trade talks that are expected to include discussions on pharmaceutical supply chains.
