SINGAPORE: Singapore’s trade minister said the wealthy financial hub was disappointed that the US had imposed a 10% tariff on its exports despite it having a free-trade agreement and running a trade deficit with the US.
Singapore could take countermeasures under the free-trade agreement in force since 2004, but has chosen not to do so, trade minister Gan Kim Yong told a press conference on Thursday.
“Retaliatory import duties will just add cost to our imports,” he said, noting that the government would be reviewing its economic forecasts because of the worsening situation.