Gan Siow Huang on impact of US tariff developments on Singapore
The US has yet to issue an official directive on the tariff rate increase of 15 per cent announced by US President Donald Trump on Feb 21 this year, while the US Customs and Border Protection has started collecting a 10 per cent tariff under Section 122 of the Trade Act of 1974 on all US imports since Feb 24 this year. The immediate direct impact of the tariff developments on Singapore's economy is not expected to be significant, given that the current Section 122 tariff is broadly unchanged from the previous 10 per cent reciprocal tariff that had been imposed on Singapore's exports to the US since April 2025. Minister of State for Trade and Industry Gan Siow Huang gave this update in her reply to MPs’ questions in parliament on Thursday (Mar 5), where she also noted that there remains “considerable uncertainty” over the situation.
The US has yet to issue an official directive on the tariff rate increase of 15 per cent announced by US President Donald Trump on Feb 21 this year, while the US Customs and Border Protection has started collecting a 10 per cent tariff under Section 122 of the Trade Act of 1974 on all US imports since Feb 24 this year. The immediate direct impact of the tariff developments on Singapore's economy is not expected to be significant, given that the current Section 122 tariff is broadly unchanged from the previous 10 per cent reciprocal tariff that had been imposed on Singapore's exports to the US since April 2025. Minister of State for Trade and Industry Gan Siow Huang gave this update in her reply to MPs’ questions in parliament on Thursday (Mar 5), where she also noted that there remains “considerable uncertainty” over the situation.
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