US tariffs threaten $3.1b of Singapore's pharma exports

Pharmaceutical companies in Singapore are seeking clarification on whether they would qualify for an exemption from steep tariffs imposed by the United States on their goods, Singapore's Deputy Prime Minister Gan Kim Yong said on Saturday.

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Singapore exports about S$4 billion ($3.10 billion) of pharmaceutical products to the US and most of these exports are branded drugs, Gan, who is also trade minister, told reporters.

US President Donald Trump announced on Thursday 100% duties on imports of branded drugs that would apply to firms unless they build a manufacturing presence in the US

This is a concern for Singapore as pharmaceuticals form around 13% of all Singapore exports to the US, said Gan.

He said that many of the pharmaceutical firms in Singapore have existing plans to expand or build their business footprint in the US, which may qualify them for a tariff exemption.

Gan, who met US Commerce Secretary Howard Lutnick in August, said trade talks with the US are ongoing, with officials on both sides working on details of possible deals for the pharmaceutical and semiconductor sectors.