PM Wong to deliver ministerial statement on US tariffs today

Prime Minister Lawrence Wong will speak on US tariffs and their implications for Singapore when Parliament meets on April 8.

- Zhaki Abdullah

The Republic was among the countries hit by a "baseline tariff" of 10 per cent that US President Donald Trump announced on April 2. These and steeper "reciprocal tariffs" on at least 60 of the US' trading partners took effect on April 5.

Government leaders have in recent days laid out the tariffs' likely impact on Singapore, and the city state's position on them. Tariffs are taxes imposed on imported goods and used to regulate trade, protect domestic industries and generate revenue.

PM Wong said on April 4 that Singapore has decided not to impose retaliatory tariffs, but that other countries may not exercise the same restraint, and the likelihood of a full-blown trade war is growing.

Higher tariffs and uncertainty over countries' responses will weigh heavily on the global economy, and Singapore will take a bigger hit than others due to its heavy reliance on trade, he added.

While Singapore is more ready than many other countries with its reserves and its cohesion, he asked Singaporeans to brace themselves for more shocks and to stay united.