SINGAPORE - Singapore Deputy Prime Minister Gan Kim Yong discussed America’s recent tariffs and their impact on trade in his first conversation with US Trade Representative Jamieson Greer on April 15, which he described as a “frank exchange”.
“We discussed our relationship, we talked about the tariffs, our concerns about the tariffs. We also discussed what we plan to do, going forward,” Mr Gan told reporters on April 16.
“I took the opportunity to explain to Ambassador Greer Singapore’s approach and our position, and our unique status as a small open economy, which is quite different from other countries,” he added.
Mr Gan, who is also Minister for Trade and Industry, was responding to questions on Singapore’s engagement with America on tariffs at the first press conference of the Singapore Economic Resilience Taskforce, which he chairs.
Prime Minister Lawrence Wong had announced the setting up of the task force in Parliament on April 8, to support businesses and workers in response to sweeping tariffs imposed by US president Donald Trump, which have sparked volatility in markets worldwide and cast a pall on the global economy.
Singapore, which has a free trade agreement with the US and currently imposes zero tariffs on imports from America, was subject to the baseline 10 per cent tariff rate, which came into effect on April 5.
Mr Gan also touched on his call with Mr Greer in a LinkedIn post after the press conference, saying he shared Singapore’s concerns on how the tariffs would impact trade.
“Ambassador Greer explained the US’ concern over its overall trade deficit in goods, as well as the US’ priority to strengthen its domestic manufacturing base,” Mr Gan wrote.
“He also acknowledged Singapore’s importance as an economic partner and the US’ trade surplus with Singapore, even as we are subject to the 10 per cent baseline tariff.”
Mr Gan added: “I took the opportunity to explain our monetary policy approach, and to clarify our consumption to GDP rate, given Singapore’s unique status as a small and open economy.”
“I also stressed the importance for US to continue to engage the Asean region. We agreed that our officials should continue to work constructively together after this initial exchange of views.”
Mr Gan also noted that during their call, he and Mr Greer “reaffirmed the long-standing and robust economic and commercial ties between Singapore and the US, including the importance of the US-Singapore FTA”.
“These links have brought mutual benefit to our economies and businesses. We also discussed ways to strengthen our partnership in existing and new areas,” he added.
At the press conference, Mr Gan said: “I think Ambassador Greer accepted our explanation, but we still need to continue to engage them as we go forward.”
He also said engagement with the US was not just at the ministerial level. Officials from both sides continue to discuss and see how the two countries can work together to better understand each other’s concerns, he added.
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TariffsUnited StatesUS-Asean tiesGan Kim YongTradeTrade warAsean
