Singapore disappointed by Trump's tariffs but won't retaliate with import duties: Gan Kim Yong

Minister for Trade and Industry Gan Kim Yong said on Thursday (Apr 3) that Singapore will not retaliate with import duties against the US for imposing a 10% baseline tariff, despite the longstanding US-Singapore Free Trade Agreement. Mr Gan said instead, Singapore will take countermeasures, seek dispute resolution and reach out and engage US counterparts to better understand their concerns.

Mr Gan also noted that the 10% baseline tariff will significantly impact Singapore’s economy, requiring reassessments of economic forecasts and potential support measures.

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