US President Donald Trump announced a new slate of tariffs on April 2, affecting Singapore, along with dozens of other US trading partners, in a «declaration of economic independence». The far-reaching “reciprocal tariff” policy, includes a 10 per cent baseline tariff on almost every country — including Singapore. China, a major exporter to the US, was slapped with an even steeper tariff at 34 per cent, which combined with the pre-existing 20 per cent, brings its total tariffs to a whopping 57 per cent. Trump's surprise announcement sent global stock markets tumbling — S&P 500 companies lost a combined US$2.4 trillion (S$3.2 trillion) in stock market value while Japan's Nikkei 225 falling to an eight-year low during the trading session on Thursday (April 3), reported Reuters. «We are naturally disappointed,» said Deputy Prime Minister Gan Kim Yong in response to the tariffs, at a media doorstop on Thursday (April 3). Read more