“It is really no consolation,” he said, adding that front-loading will lead to a slow down in exports and production down the line. Data on Friday showed Singapore’s key exports rose 12.4% year-on-year in April, the fastest pace in nine months.
US President Donald Trump in early April unveiled plans to impose steep new tariffs on imports but postponed the plan after a multiday plunge in global stock markets. Most major trading partners including Singapore were still subject to a baseline duty of 10%.
The levies are nevertheless being felt in trade-reliant Singapore, which last month revised its 2025 economic growth forecast down to 0-2% from a previous 1%-3%. Officials further warned that a recession can’t be ruled out.
