SINGAPORE — Singapore is disappointed that the US has subjected its goods to tariffs despite the longstanding economic relationship between the two countries and their free trade agreement (FTA), said Deputy Prime Minister Gan Kim Yong on April 3. And it will engage the US to understand how they have calculated the tariffs, and to clarify any misunderstanding that has led to the 10 per cent levy, he added. «The US-Singapore FTA has been a very important FTA for both countries, and has benefited the US significantly. US imports to Singapore have enjoyed zero tariffs for more than two decades, and they have also enjoyed a significant, substantial trade surplus with Singapore amounting to $30 billion,» he said. «We are, of course, naturally disappointed. Under the FTA, we have recourse, we are able to take counter measures and also seek dispute resolution. However, we have decided not to do so because imposing retaliatory import duties will just add costs to our imports from from the US, and this will affect our consumers and our businesses,» he added. Read more