Singapore Navigates Economic Strategy Amid Global Tariff Shifts
Singapore is reevaluating its economic strategy in response to global changes, including new US tariffs. Deputy Prime Minister Gan Kim Yong highlighted ongoing negotiations and uncertainties. The review aims to ensure long-term competitiveness and will involve multiple committees and stakeholders, with final recommendations expected by 2026.
- Country:
- Singapore
Singapore, a pivotal Asian trading hub, announced plans on Monday to review its economic strategy due to significant shifts in global structures, notably geopolitical movements and technological upheavals.
This development follows the US President Donald Trump's recent declaration of extensive new tariffs targeting over several dozen countries, igniting uncertainties in global trade dynamics.
Deputy Prime Minister Gan Kim Yong highlighted ongoing negotiations with major countries like China and India, emphasizing continued engagement with the US to mitigate the impact of the increased tariffs, set to escalate to 15 per cent. Singapore's targeted review involves multisectoral committees, expected to deliver their findings by mid-2026.
(With inputs from agencies.)
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