Singapore's Economic Alert

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

Non-Negotiable Tariffs

"It doesn't look like the 10% universal rate is open for negotiation. This seems to be the fixed minimum tariff, regardless of a country's trade balance or existing trade arrangements," Wong stated, highlighting the rigidity of the new policy.

Economic Forecasts at Risk

The Prime Minister also hinted at possible downward revisions to Singapore's 2025 growth forecasts, currently pegged between 1% to 3%. However, he remained uncertain about the potential onset of a recession following these developments.