In a virtual meeting on April 25, 2025, Singapore’s Deputy Prime Minister and Trade Minister Gan Kim Yong discussed economic ties with US Commerce Secretary Howard Lutnick. Gan highlighted that Singapore’s trade and investments support 350,000 US jobs and noted a US$30 billion US trade surplus with Singapore in 2024. While the US will not reduce its 10% tariff on Singapore imports, imposed by President Trump on April 5, both sides agreed to explore deepening economic links. Singapore lowered its 2025 growth forecast to 0-2% amid the US-China tariff war, with economists warning of a potential recession.
Singapore
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