Singapore's Trade-Dependent Economy at Risk

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

Non-Negotiable Tariffs Pose Challenges

"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 rigid stance of the US.

Potential Economic Revisions Ahead

The Singaporean government is considering revising its 2025 growth forecasts, currently estimated between 1% to 3%. However, Prime Minister Wong remained uncertain about the possibility of a recession following these developments.