MTI confirms that Singapore remains subject to 10% baseline tariff on exports to US
No details yet on planned sectoral tariffs on pharmaceuticals and semiconductors
[SINGAPORE] The Republic will continue to be subject to a 10 per cent baseline tariff on exports to the US, said Singapore’s Ministry of Trade and Industry (MTI) on Friday (Aug 1).
This is based on the US administration’s executive order on Jul 31 (Eastern Time), said a ministry spokesperson.
“MTI has confirmed this understanding with the Office of the US Trade Representative,” added the spokesperson.
“We are closely monitoring developments and will seek clarification from our US counterparts as necessary.”
Hours before the Aug 1 deadline, the White House released a new list of tariff rates beyond the 10 per cent baseline, including rates of 19 per cent for Cambodia, Malaysia and Thailand.
US President Donald Trump had earlier threatened to raise the global baseline rate, possibly to 15 per cent.
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No details of sectoral tariffs yet
On Tuesday, Minister for Trade and Industry Gan Kim Yong said that on his recent trip to Washington, DC, he had sought clarification from his US counterparts on whether the US would lower – or raise – the baseline tariff rate for Singapore.
While the US was “not in the mood to discuss any discount”, Singapore has registered its interest if and when such talks become possible, the minister, who is also the deputy prime minister, said then.
The US has yet to give details of planned sectoral tariffs on pharmaceuticals and semiconductors, which are key Singapore exports to the US.
During his trip, DPM Gan did not have the chance to meet US Commerce Secretary Howard Lutnick to discuss these.
Separately on Tuesday, Prime Minister Lawrence Wong said that while the 10 per cent baseline tariff is not ideal, it is a rate Singapore “can live with”.
While zero tariffs are preferred, the baseline rate is the lowest category, he noted. “We can live with it, and we can still do business.”
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