Singapore government, economists may cut growth forecasts as Trump’s tariffs bite
Impact will worsen if further levies are slapped on sectors such as semicon, pharma
[SINGAPORE] Both official and private-sector forecasts for Singapore’s full-year growth may be cut after US President Donald Trump slapped a blanket 10 per cent import duty on all countries and more extensive reciprocal tariffs on the “worst offenders”.
The official gross domestic product growth forecast may be downgraded from the current range of between 1 and 3 per cent, as the situation has “turned out to be worse” than expected when the projection was made, Minister for Trade and Industry Gan Kim Yong told reporters on Thursday (Apr 3).
He warned of a “significant impact” from the 10 per cent tariff alone, adding that the government will give more help to households and businesses if needed.
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