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Singapore seeks US tariff concessions on pharmaceutical exports
Gan Kim Yong, who is also the trade minister and helms the Singapore Economic Resilience Taskforce, told reporters Sunday that pharmaceuticals make up more than 10 percent of the city state's exports to the United States, according to the Straits Times.
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Singapore's Prime Minister Lawrence Wong attends press conference at the Mandarin Oriental Hotel, in Jakarta, on November 5, 2024. Singapore’s Prime Minister Lawrence Wong will meet Indonesia’s newly inaugurated President Prabowo Subianto during a two-day introductory visit to Jakarta starting on Tuesday. (JP/Muhammad Zaenuddin)
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ingapore's deputy prime minister said the city-state is negotiating concessions for pharmaceutical exports to the United States after a call with US Commerce Secretary Howard Lutnick.
Gan Kim Yong, who is also the trade minister and helms the Singapore Economic Resilience Taskforce, told reporters Sunday that pharmaceuticals make up more than 10 percent of the city state's exports to the United States, according to the Straits Times.
Gan said he had a call with Lutnick on Friday.
"While the US is not prepared to lower its 10 percent baseline tariff, we agreed to explore how we could deepen our economic links positively and we will continue to discuss the practical way forward," Gan wrote on his LinkedIn page.
"I welcomed Secretary Lutnick to visit Singapore, and look forward to further developing our trade and investment partnership with the US."
Singapore's election is on May 3 and it comes as the wealthy country faces a turbulent global economy upended by US President Donald Trump's tariffs.
The ruling party has said it is important for it to get a strong mandate to handle the choppy waters ahead.
Pharmaceuticals, which Trump has threatened tariffs on make up more than 10 percent of Singapore's exports to the USand it was important for Singapore to seek concessions on this front, Gan said in the Straits Times report.
Singapore faces a 10 percent levy from the U.S despite a bilateral free trade agreement, compared to much steeper tariffs imposed on its neighbours, and has warned of uncertainty in its trade-reliant economy and the possibility of recession and job losses.
