SINGAPORE – Singapore could be looking at slower growth after US President Donald Trump on April 2 announced a decision to impose a 10 per cent tariff on most goods imported into the US from Singapore and its key partners, with higher duties for many other countries, including those in Asean. The 10 per cent baseline tariffs for the US’ trading partners around the world came into effect on April 5, while higher duties for other countries are due to start on April 9. Maybank, which on April 3 downgraded its growth forecasts for the six Asean economies it covers, including Singapore, was among the first to lower its GDP estimates for the Republic, by 0.5 percentage point to 2.1 per cent in 2025, and 0.5 percentage point to 1.8 per cent in 2026.
Author: Kang Wan Chern
Published at: 2025-04-06 21:00:00
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