Update on Negotiations with US on Tariffs and Economic Restrictions

Assoc Prof Jamus Jerome Lim asked the Deputy Prime Minister and Minister for Trade and Industry whether the Ministry can provide an update on the negotiations with the United States regarding tariffs and economic restrictions, including but not limited to semiconductors and pharmaceuticals.

Mr Gan Kim Yong: Singapore's exports to the United States (US) are currently subject to a "reciprocal" tariff rate of 10%. The US has also imposed various Section 232 sectoral tariffs, such as on imports of steel and aluminium, copper and lumber. There are other section 232 investigations ongoing, including into semiconductors and pharmaceuticals, which are currently exempt from the 10% "reciprocal" tariff.

We are still in discussion with our US counterparts on the tariffs. We are also engaging industry, including the semiconductor and pharmaceutical sectors, to assess and manage the potential impact on Singapore. We will provide an update when ready.