US Tariffs Pose Unprecedented Challenge to Singapore

In a recent address to parliament, Singapore Prime Minister Lawrence Wong expressed deep concerns over the new 10% universal tariff rate imposed by the United States, labeling it as a significant threat to Singapore's trade-reliant economy.

"The 10% universal rate seems non-negotiable," Wong stated, highlighting the rigidity of the new policy which disregards existing trade balances and agreements. This development has prompted the Singaporean government to consider revising its 2025 growth forecasts, currently pegged between 1% to 3%, though Wong remained cautious about predicting a recession.