Expressing disappointment with the tariffs, Mr Gan mentioned Singapore might have chosen to take countermeasures below a free-trade settlement in pressure since 2004, however is not going to achieve this.
“Retaliatory import duties will simply add price to our imports from the US … and this may have an effect on our customers and our companies,” he mentioned.
Mr Gan mentioned Singapore will attempt to interact the US at a number of ranges to know President Donald Trump’s areas of concern and see if they are often resolved.
“We’ll be participating on the ministerial stage, on the official stage. Ambassadors within the US will even be participating them, and our businessmen will even be participating their non-public sector,” mentioned Mr Gan.
“If there aren’t any particular issues, then it is tougher to argue or to barter.”
The US had a items commerce surplus of US$2.8 billion (S$3.74 billion) with Singapore final 12 months, an 84.8 per cent improve over 2023, in line with the US Commerce Consultant web site.
Mr Gan mentioned Singapore must double down on its efforts to proceed to maintain its economic system open and uphold open, truthful and free commerce amongst like-minded nations.
He added the nation is working with its companions to strengthen the World Commerce Group (WTO), as it’s “crucial for us to ensure that we proceed to strengthen and protect the multilateral system to the extent potential, as a result of this may present the premise for collaboration for worldwide commerce below rules-based order”.
