Singapore's Pharmaceutical Industry Eyes Tariff Exemptions for U.S. Expansion
Pharmaceutical companies in Singapore seek clarity on potential exemptions from steep U.S. tariffs, announced by President Trump. Deputy Prime Minister Gan Kim Yong indicates that plans for U.S. expansion could qualify these firms for tariff exceptions.
Singapore's pharmaceutical companies are inquiring about potential exemptions from the hefty tariffs recently announced by the United States. Deputy Prime Minister Gan Kim Yong, addressing reporters, stated that these firms are eager to expand their operations stateside and they might thus qualify for exemptions.
President Donald Trump, in a move to reinforce trade policies, announced fresh tariffs last Thursday, including a significant 100% duty on patented drugs. This decision has raised concerns among pharmaceutical firms globally.
Singapore's Deputy Prime Minister, also serving as trade minister, emphasized the need for clear communication between the affected companies and U.S. trade authorities to clarify their eligibility for such exemptions.
(With inputs from agencies.)
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