Trump has begun another trade war. Here's a timeline of how we got here
Canada's leader laments lost friendship with US in town that sheltered stranded Americans after 9/11
Chinese EV giant BYD's fourth-quarter profit leaps 73%
You're an American in another land? Prepare to talk about the why and how of Trump 2.0
Chalk talk: Star power, top teams and No. 5 seeds headline the women's March Madness Sweet 16
Purdue returns to Sweet 16 with 76-62 win over McNeese in March Madness
SINGAPORE (Reuters) -Singapore's trade minister said the wealthy financial hub was disappointed that the U.S. had imposed a 10% tariff on its exports despite it having a free-trade agreement and running a trade deficit with the United States.
Singapore could take countermeasures under the free-trade agreement in force since 2004, but has chosen not to do so, Trade Minister Gan Kim Yong told a press conference on Thursday.
"Retaliatory import duties will just add cost to our imports," he said, noting that the government would be reviewing its economic forecasts because of the worsening situation.
Gan said Singapore will try to engage the U.S. to understand President Donald Trump's areas of concern and see if they can be resolved.
"If there are no specific concerns, then it's more difficult to argue or to negotiate," he said.
Singapore was hit by Trump's 10% base tariff on imports, albeit much lower than neighbours in Southeast Asia where six countries were hit with tariffs of between 32% and 49%. The U.S. had a goods trade surplus of $2.8 billion with Singapore last year, an 84.8% increase over 2023, according to the United States Trade Representative website.
Gan, who is also Singapore's deputy prime minister, said the city-state's data showed the U.S. trade surplus with Singapore amounted to a "substantial" $30 billion in 2024. He did not elaborate.
(Reporting by Jun Yuan Yong; Writing by Xinghui Kok; Editing by John Mair and Kate Mayberry)
