As both sides discuss concessions on the global tariffs imposed by the Trump administration, Singapore’s Deputy Prime Minister Gan Kim Yong said on Sunday ( Apr 27 ) that the US wants to explore” creative solutions” for some crucial exports from Singapore, including pharmaceuticals.
Mr. Gan, who is also the Minister for Trade and Industry, stated to investigators that he had spoken with US Commerce Secretary Howard Lutnick on Friday about important issues to address.
Secretary Lutnick stated to reporters at One Punggol,” Secretary Lutnick has repeatedly stated that he is ready to start this conversation with us because we are friends, significant trading partners, and because the US partnerships Singapore.”
Mr. Gan is the head of the Taskforce on Economic Resilience in Singapore, which examines the country’s effects from taxes.
In this general election, he serves as the People’s Action Party ( PAP ) team’s anchor minister for the Punggol GRC  campaign.
He claimed that he had decided to take a break from the campaign trail because it was” an important conversation” to have and that the outcome was “very good.”
On April 2, Mr. Trump announced severe taxes on all goods, starting at a rate of 10 % for nations like Singapore. Additionally, China was one of the slapd with higher taxes.
The introductory 10 % work began on April 5 despite the fact that the majority of the big “reciprocal tariffs are currently 90 days old.
The 10 % foundation price is an umbrella arrangement that is” not likely to be content to negotiation,” according to Mr. Gan and Mr. Lutnick during their visit.
He even pointed out that Singapore is an important trading partner and friend and that he would like to think about creative ways to improve bilateral trade between Singapore and the US, particularly with regard to crucial imports from Singapore to the US, which he said are important to us.
This might include opioids, which Mr. Gan said is “very important” to Singapore and accounts for more than 10 % of the country’s export to the US.