Trump modifies reciprocal tariffs ahead of deadline; rate on Singapore likely to remain at 10%
The White House made the announcement in a fact sheet, which said the president had signed an executive order on July 31
WASHINGTON – President Donald Trump will keep minimum global tariff rates at 10 per cent, resisting prior suggestions he could raise the floor to 15 per cent or higher, according to a White House statement July 31.
The White House separately released a list of tariff rates on imports from several other trading partners that had yet to finalise trade frameworks as
his Aug 1 deadline nears.
The White House made the announcement in a fact sheet, which said the president had signed an executive order on July 31. It was unclear how many trading partners will receive the minimum so-called reciprocal tariff rate and how many will receive higher levies.
Senior US officials said that the tariff rate will be 10 per cent for trade partners the US enjoys a trade surplus with. The US goods trade surplus with Singapore was US$2.8 billion (S$3.6 billion) in 2024, suggesting that Singapore would fall in this category.
Mr Trump also signed a separate order that
increases the tariff rate on Canada to 35 per cent from 25 per cent, with the higher levy taking effect on Aug 1. That change excludes goods that are covered under a US-Mexico-Canada free trade pact he negotiated in his first term.
The rates come hours before Mr Trump's self-imposed deadline, and will hit a wide range of mostly smaller- and medium-sized economies countries that Mr Trump showed little interest in bargaining with. Bloomberg
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
11 minutes ago
- Straits Times
Detained Moldovan magnate says he wants to clear his name
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Leader of the Democratic Party of Moldova Vladimir Plahotniuc delivers a speech during a rally demanding a creation of parliament coalition, in Chisinau, Moldova June 9, 2019. REUTERS/Valentyn Ogirenko/File Photo CHISINAU - Moldovan business magnate Vladimir Plahotniuc said on Friday that he wanted to return to the ex-Soviet state to clear his name in his first major statement on social media since being detained in Greece on a warrant linked to a mass fraud case. Plahotniuc, a former lawmaker and considered one of Moldova's richest men, is one of the chief suspects in Moldova's "theft of the century", the disappearance in 2014 of $1 billion from the Moldovan banking system -- the equivalent at the time of 12% of the ex-Soviet state's GDP. Last week, he agreed to be extradited to Moldova and pledged to cooperate with international judicial authorities. Moldova's government, which wants to join the European Union by 2030, had long sought his return. "I want to return to the country in order to prove my innocence to law enforcement authorities or at least what remains of them after so-called reforms," Plahotniuc wrote. He described all allegations against him as being based on "slander and political hatred". He also suggested that authorities would try to drag the extradition process out to ensure his return to Moldova came after a September 28 election in which pro-European President Maia Sandu's Party of Action and Solidarity (PAS) may lose its majority in parliament. He said authorities feared his return to the country might "expose the truth" about the criminal case. The press spokesman for the president's PAS party, Adriana Vlas, dismissed Plahotniuc's comments, saying the country wanted the justice system "to act, with the law in the forefront." Plahotniuc, 59, who fled Moldova in 2019, was arrested last month at the Athens airport while on his way to Dubai. An Interpol red notice was issued against him based on accusations that include participation in a criminal organisation, money laundering and fraud. Plahotniuc was the leader of Moldova's Democratic party from 2016-2019, part of the governing coalition at the time, and served as deputy speaker of parliament. REUTERS
CNA
11 minutes ago
- CNA
US Says China Trade Deal Within Reach After Stockholm Talks
WASHINGTON: US Treasury Secretary Scott Bessent said on Friday (Aug 1) he believes Washington and Beijing are nearing a breakthrough trade deal following two days of negotiations in Stockholm. 'This week's negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations,' Bessent posted on social media platform X. The post was later deleted and reuploaded due to a technical error, according to a Treasury Department spokesperson. 'I am optimistic about the path forward,' Bessent added. The Treasury said the language of the post reflected what Bessent has consistently stated in recent interviews. Speaking to CNBC on Thursday, the secretary confirmed the US sees progress in talks but stressed that a deal is 'not 100% done.' Bessent told CNBC that US negotiators 'pushed back quite a bit' during the two-day talks, which aimed to iron out remaining differences following earlier frameworks agreed in May and June. China is facing a looming Aug 12 deadline to finalise a comprehensive tariff agreement with President Donald Trump's administration. Failure to do so could trigger a new round of punitive tariffs or other trade restrictions. The talks are aimed at halting a years-long tit-for-tat tariff battle and restoring stable economic ties between the world's two largest economies. Beijing's restrictions on rare earth mineral exports have been a particular point of contention in recent rounds. Bessent's tone of cautious optimism signals that Washington may be preparing to ease tensions, even as Trump maintains pressure through hard deadlines and aggressive tariff threats.
Straits Times
32 minutes ago
- Straits Times
‘Optimistic' Bessent says US has makings of a deal with China
Sign up now: Get ST's newsletters delivered to your inbox US Treasury Secretary Scott Bessent said in a post on X he was 'optimistic' about the path forward in the US' trade talks with China. WASHINGTON - US Treasury Secretary Scott Bessent said on Aug 1 that he believed that Washington has the makings of a deal with China and that he was 'optimistic' about the path forward. 'This week's negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations,' Mr Bessent said, in a post on X that was subsequently deleted. 'I am optimistic about the path forward,' he added. A Treasury Department spokesperson said the post was being reposted because the images attached to it had not uploaded correctly. The spokesperson also noted that the language in the post was in line with what Mr Bessent had said in various media interviews this week. In an interview with CNBC on July 31, Mr Bessent said the US believes it has the makings of a trade deal with China, but it is 'not 100 per cent done.' US negotiators 'pushed back quite a bit' over two days of trade talks with the Chinese in Stockholm this week, Mr Bessent told CNBC. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore China is facing an Aug 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals. REUTERS
