Vivian: Singapore not expected to be hit by direct US tariffs but may still be impacted
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Singapore is not expected to be hit by trade tariffs from the United States but still stands to be indirectly impacted as it is a small and open economy, said Foreign Minister Vivian Balakrishnan. Speaking in Parliament on Tuesday (Feb 4), Dr Balakrishnan noVivian: Singapore not expected to be hit by direct US tariffs but may still be impacted
Singapore is not expected to be hit by trade tariffs from the United States but still stands to be indirectly impacted as it is a small and open economy, said Foreign Minister Vivian Balakrishnan. Speaking in Parliament on Tuesday (Feb 4), Dr Balakrishnan noted how the US-Singapore Free Trade Agreement (FTA) has contributed to a tripling of bilateral trade since 2004, allowing the US to consistently maintain a trade surplus with Singapore. «I do not anticipate us being on the hit list for direct tariffs, because… the United States has a surplus as far as the trade balance with us is concerned,» said Dr Balakrishnan. But Singapore still needs to be careful and prepared for how turbulent the economic situation can be, he said. Read more