Singapore's Economic Concerns Amid US Tariffs

Prime Minister Lawrence Wong has expressed serious concerns regarding the new 10% universal tariff rate imposed by the United States, highlighting its potential impact on Singapore's trade-dependent economy.

"The 10% universal rate seems non-negotiable," Wong stated in parliament, emphasizing the fixed nature of the tariff regardless of existing trade arrangements or balances.

Potential Economic Revisions

The Singaporean government is considering revising its 2025 growth forecasts, currently projected between 1% to 3%, amidst uncertainties about the tariff's long-term effects. However, Wong clarified that it's still unclear whether these changes would lead to a recession.