Singapore does not expect to be on Trump’s hit list for tariffs
Bloomberg
Tue, 4 February 2025 at 3:03 PM SGT2-min read
Two-way trade of goods and services between the US and Singapore reached over $131 billion in 2023, according to the American Chamber of Commerce. (Photo: Bloomberg) (Bloomberg)
By Philip J. Heijmans
(Bloomberg) — Singapore’s top diplomat said he doesn’t expect to the wealthy island nation to be in the firing line for US tariffs even as President Donald Trump shows he’s willing to target other friendly nations including Mexico and Canada.
“Tariffs and emerging tariffs are a reality,” Foreign Minister Vivian Balakrishnan told parliament in Tuesday in response to a question on Singapore’s relationship with the US. “I will take some risk and say that I do not anticipate us being on the hit list for direct tariffs” because the US “has a surplus as far as the trade balance with us is concerned.”
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Though not formal allies, Singapore and the US enjoy strong business and security links that includes access to the city-state’s naval and air base facilities. Two-way trade of goods and services between the US and Singapore reached over $131 billion in 2023, according to the American Chamber of Commerce.
Balakrishnan warned that Singapore as a small, trade-reliant nation could be affected by the ensuing trade war, particularly if continued tariffs result in the degradation of economic integration, supply chains and world trade.
“I do need to prepare Singaporeans that it will be a turbulent ride in the months or years to come,” he said.
China on Tuesday slapped tariffs on a range of US products and announced a probe into Google moments after President Donald Trump imposed a 10% tariff on goods from Beijing, reigniting a trade war between the world’s largest economies.
