DPM Gan: Singapore likely to face new 15% US tariff, must prepare for impact
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Singapore will likely be subjected to US president Donald Trump's new global tariff rate of 15 per cent, said Deputy Prime Minister Gan Kim Yong, highlighting the need for the country to prepare for its impact.Speaking to media at a doorstop interview on SundDPM Gan: Singapore likely to face new 15% US tariff, must prepare for impact
Singapore will likely be subjected to US president Donald Trump's new global tariff rate of 15 per cent, said Deputy Prime Minister Gan Kim Yong, highlighting the need for the country to prepare for its impact.Speaking to media at a doorstop interview on Sunday (Feb 22), DPM Gan noted that the increase is «a stark reminder... that [Singapore is] now facing a very unpredictable and uncertain operating environment», describing the situation as «very fluid».Elaborating on the element of «uncertainty» around the tariffs, DPM Gan said the government will monitor developments to assess its next steps and explore alternatives, and possible exemptions on the levies.«We will continue to work with our counterparts in the US to seek greater clarification on how the tariff will be implemented...because Section 122 has a time limit and therefore we can expect there will continue to be changes in time to come,» he told the media. Read more
