SINGAPORE: The United States is unlikely to establish clear tariffs on products from Singapore, but Singapore may also experience indirect impacts from taxes, said Foreign Affairs Minister Vivian Balakrishnan.
He was responding to a supplementary question in parliament on Tuesday ( Feb. 4 ) regarding the effects of US tariffs on China, Mexico, and Canada.
Donald Trump, the president of the United States, made the announcement on Saturday, but on Monday agreed to a 30-day wait for Canada and Mexico in exchange for agreements on frontier and murder protection. Nevertheless, China has retaliated , with tariffs of 10 per share to 15 per cent on some products. These may become effective on February 10.
According to Dr. Balakrishnan, tariffs and emerging taxes are a real going forward.  ,
Because the United States has a glut in terms of the business balance with us, he said,” I may take some risk and say that I do not foresee us being on the hit list for immediate levies.”
A trade deficit indicates that Singapore imports more goods and services from the US than it exports.
Because our business is small and empty, with trade accounting for more than three occasions Singapore’s gross domestic product, Dr. Balakrishnan predicted that tariffs on other nations will still have an impact on global supply chains and global trade.
US-SINGAPORE Relationships
Dr Balakrishnan said Singapore and the US like a meaningful, multi-faceted and long-standing collaboration that has been nurtured over the past 60 years across both Democratic and Republican services.
Singapore and the US institutionalized assistance in areas like storage, essential and emerging technologies, and nuclear power during past president Joe Biden’s term.
Last month, Singapore and the US even commemorated 20 years of a free trade agreement.
” The US is our best trading companion in service, our second largest trading partner in goods, and our largest international investor”, said Dr Balakrishnan, adding that Singapore is the second largest Eastern investment in the US.
He claimed that during his first term in office, Singapore and President Trump had good working relationships and looks forward to enhancing diplomatic ties between the two nations.