No Clarity Yet on US Baseline or Pharmaceutical Tariffs: DPM Gan

He says US govt was 'not in the mood' to discuss any discount during his visit

- Annabelle Liang

The US government did not negotiate its tariffs on Singapore and did not want to commit on whether the 10 per cent baseline tax could rise or fall in the future, said Deputy Prime Minister Gan Kim Yong.

DPM Gan, who visited the US from July 20 to 26, added that he did not get to further discussions on pharmaceutical tariffs being contemplated by the Trump administration.

He told the SG60 IPS-SBF Conference on July 29 that these talks did not take place as he did not get the chance to meet Commerce Secretary Howard Lutnick. He did, however, meet other officials, including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. They discussed ways to keep up the long and mutually beneficial bilateral economic relationship, as well as potential collaboration in areas like the digital economy.

The US administration was "not in the mood to discuss any discount to the baseline tariff", DPM Gan said at a dialogue moderated by Mr David Rennie, The Economist's geopolitics editor.

"We also wanted to know whether the baseline tariff will stay at 10 per cent or will it be higher or lower? The answer was non-committal. They are still reviewing the tariff and, in time to come, they will make the appropriate announcement. So we just have to wait and see."

DPM Gan, who is also Minister for Trade and Industry, said he has told US officials that Singapore would be keen to negotiate its baseline tariff rate if the opportunity arises.