Singapore negotiates for US concessions on pharmaceuticals, chips
Singapore is subject to a 10% tariff from the US. The country has previously warned of instability in its trade-dependent economy, along with heightened risks of recession and job losses. Singapore has lowered its 2025 GDP growth forecast to between 0% and 2%, following a 0.8% quarter-on-quarter contraction in the first quarter.
Singapore negotiates for US concessions on pharmaceuticals, chips (Photo: Reuters)
Singapore (VNA)💃 – Singapore is negotiating concessions for pharmaceutical exports to the US while ensuring it still has access to high-end AI chips from the American market, said Singaporean Trade and Deputy Prime Minister Gan Kim Yong.
Gan had a call on April 25 with US Secretary of Commerce Howard Lutnick, who expressed concern about export controls of chips "not just to Singapore, but generally" and wanted to explore "creative solutions" to strengthen bilateral trade.
Gan explained to Secretary Lutnick about Singapore’s export control system and affirmed that Singapore does not condone companies taking advantage of their presence in Singapore to undermine U.S. export controls.
He highlighted that pharmaceuticals, a commodity that former US President Donald Trump threatened to impose tariffs on, accounts for more than 10% of Singapore’s exports to the US.
He emphasised that securing concessions in this area is critical for Singapore. According to Gan, negotiations between Singapore and the US on these two sectors are progressing, though no agreement has been reached yet.
Despite having a bilateral free trade agreement, Singapore remains subject to a 10% tariff from the US. The country has previously warned of instability in its trade-dependent economy, along with heightened risks of recession and job losses. Singapore has lowered its 2025 GDP growth forecast to between 0% and 2%, following a 0.8% quarter-on-quarter contraction in the first quarter.
Singapore is scheduled to hold a general election on May 3 amid a weakening economic outlook and rising cost-of-living pressures, which have become major concerns for voters./.
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Under Singapore's law, individuals found guilty of importing, manufacturing or supplying illegal health products face a two-year jail term, a 50,000 SGD fine, or both.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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