Singapore's Gan warns firms that US tariffs may stay after Trump
(Bloomberg) – Singapore's Deputy Prime Minister Gan Kim Yong warned that US tariffs may outlast President Donald Trump, urging businesses to adapt to a more protectionist global trade landscape.
'We cannot bank on the possibility that the tariffs will go away after four years with a different US administration,' he said in a speech at a conference in the city-state Thursday. 'There is growing bipartisan consensus within the US on the use of tariffs to achieve fair and balanced trade with the world.'
The levies may be here to stay and exports to the US will cost more for some time, Gan said. 'Businesses must be prepared for greater scrutiny over their production and supply chains,' said Gan, who is also Singapore's trade minister.
The remarks follow Trump's announcement of a trade deal with Vietnam after weeks of diplomacy and as trading partners race to cut agreements with the US ahead of a July 9 deadline. The pact with Vietnam risks provoking retaliatory steps from China, according to Bloomberg Economics.
'The US wants fair and balanced trade with the rest of the world,' Gan said, adding that Washington has asked these countries to buy more goods from the US. 'That does not mean the US is not concerned about free trade, or more specifically, trade barriers against its exports – in fact, the US is also looking to address non-tariff barriers in these discussions.'
Prime Minister Lawrence Wong in April expressed disappointment over the proposed 10% tariff on exports from Singapore, saying 'these are not actions one does to a friend.'
More stories like this are available on bloomberg.com
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