Trump Tariffs Hit Singapore Economy, Jobs, Costs

Deputy Prime Minister Gan Kim Yong expressed disappointment but stated Singapore will not implement countermeasures, instead engaging the US and upholding open trade. Sheana Yue, an economist at Oxford Economics, noted the impact on Singapore's job market is not uniform; pharmaceutical and semiconductor sectors are exempt, while other manufacturing faces negative effects.

A flash survey by the American Chamber of Commerce (AmCham) in Singapore found 45 percent of companies plan to pass on higher costs to customers. Selena Ling, chief economist at OCBC, confirmed the Singapore dollar strengthened against the US dollar, benefiting Singaporeans spending overseas.

Singapore also gains a relative advantage with its 10 percent tariff rate, significantly lower than Vietnam's 46 percent and Cambodia's 49 percent, potentially attracting US companies to source goods from Singapore and creating jobs. The full effects will unfold in the coming months, with uncertainty surrounding potential negotiations.