S’pore spared from worst-case scenario on Trump tariffs, but likely to be hit by global trade slowdown

The Straits Times | 3 April 2025

Markets tumbled across Asia after US President Donald Trump unveiled a universal tariff of 10 per cent on all imports into the US, including those from Singapore.

While Singapore avoided much harsher levies, such as a total of 54 per cent on China, 24 per cent on Japan and 25 per cent on South Korea, analysts believe that advantage will pale in comparison to the hit to Singapore’s exports and growth outlook from a global slowdown in trade and demand for goods.

Also, there is still the lingering threat of a blanket 25 per cent tariff on all US imports of semiconductors and pharmaceuticals, which analysts said is still under consideration and may come later.