US, Singapore explore economic ties amid tariff stalemate

The United States is maintaining a 10 percent tariff on imports from Singapore, a measure imposed under the Trump administration, despite Singapore's efforts to negotiate a reduction. Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong recently held a productive virtual meeting with US Secretary of Commerce Howard Lutnick, during which both parties acknowledged their strong and balanced trading relationship. While the US is not prepared to lower the tariff at this time, both countries have agreed to explore ways to deepen their economic ties and continue discussions on practical solutions, particularly for critical exports like pharmaceuticals. Gan emphasized the importance of the bilateral partnership, noting Singapore's significant contributions to American jobs and the consistent US trade surplus with Singapore. The tariffs have contributed to Singapore lowering its 2025 economic growth forecast amid broader concerns about a possible recession due to escalating global trade tensions. Both sides expressed willingness to maintain open dialogue and seek creative approaches to strengthen trade and investment.