MAS says it is “closely monitoring developments and assessing the implications for the Singapore economy”.
The central bank’s statement did not make reference to a sharp movement of the Singapore dollar versus the US dollar earlier today.
From an overnight rate of around $1.3429 SGD to the USD, the rate spiked to $1.3488 by 8.00 am before easing back to $1.3429 by around 1.00 pm.
See also: New grant for local firms to seek advice, subsidies as Trump’s tariffs bite
Trump said on April 2 (April 3, Singapore time) that he will apply a minimum 10% tariff on all exporters to the US, which will take effect on April 5.
Trump also announced “reciprocal tariffs” on nations that run trade surpluses with the US — Singapore included. Singapore’s imports to the US will be levied an additional 10% tariff, which will take effect on April 9.
